London-based developer John Laing has entered Europe's offshore wind market with the acquisition of a 30 percent stake in a 110.7MW German project.
Located in the North Sea, the Nordergruende wind farm is being developed by Wpd, which also has a 30 percent holding in the facility. German insurer Gothaer owns the reminder of the project, which is currently under construction and should be complete in the first half of 2017.
The facility reached financial close in June 2015 and qualifies for German feed-in tariffs.
“The Nordergründe offshore wind project in Germany is an important step for John Laing into a new market where we see a significant opportunity, and in a country we want to continue to invest into,” said Ross McArthur, John Laing's managing director of renewable energy.
John Laing manages around £1.1 billion ($1.44 billion; €1.27 billion) of assets, mostly made up of core infrastructure projects. In June, the firm reached a €300 million financial close on the Netherlands' A6 Almere motorway.
John Lain made its first renewables investment in 2011. It entered the German market last October when it paid €50 million to acquire the 89MW Klettwitz wind farm.