Strabag, the Austrian construction firm, has agreed to acquire a 51 percent stake in two holding companies to develop, build and operate offshore wind power plants.
The deal sees Strabag team up with German project developer Northern Energy Projekt to jointly manage 15 wind farm project development companies under the umbrella of the two holding companies.
The holding companies will develop up to 850 wind power facilities in the German North Sea over the next 10 to 15 years, according to a statement issued by Strabag. It added that planned projects were currently at various stages in the approval process.
The statement said that, based on the 5-megawatt (MW) wind turbines that are usual in offshore wind power at this time, the development will yield an installed capacity of about 4,000 MW. This would be enough to serve 5 million households.
Strabag said the investment – the size of which has not been disclosed – would strengthen its strategic position in German renewable energy. The firm already owns Cuxhaven, Germany-based Strabag Offshore Wind, a planner, builder and logistics partner for the construction of wind power plants.
“We have realised that many projects have a problem meeting the various implementation criteria on time, such as approvals, grid consent, financing, and construction and supply contracts, due to their mutual dependencies,” said Siegfried Wanker, a member of the management board of Strabag, in the statement.
He added: “We bundle development and construction capacities, which makes us more flexible and will allow us to achieve essential synergies in the future.”
The Strabag investment is pending approval by the German and Austrian cartel authorities.