Vattenfall buys 79-turbine wind project in Germany

Vattenfall buys 79-turbine wind project in Germany

Sweden’s Vattenfall AB has acquired a 79-turbine Global Tech II offshore wind project in the German North Sea.

Vattenfall has purchased the project owner, Northern Energy Global Tech II, from Erste Nordsee-OffShore-Holding, a joint venture between Austrian builder Strabag SE (VIE:STR) and Etanax GmBH.

This project is currently under development and will be executed to the north of the island of Borkum.

It is subject to win a capacity contract in Germany’s tendering process. The first auction will be held in March 2017, while the second is scheduled for March 2018.

Gunnar Groebler, senior VP and head of business area Wind at Vattenfall said the company views the new German tender system as beneficial to the development of wind because it is more cost efficient.

Vattenfall’s wind power business currently operates more than 1,000 wind turbines totalling 2GW.

The company expects to double its wind capacity to 4GW by 2020.