Pioneering structured investment in offshore wind

Principal investment in Baltic 2, a German offshore wind farm.

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Sector	Energy
Sub-sector	Renewables
Location	Germany

Approach

Macquarie Capital worked with EnBW to develop a transaction structure that enabled the sale of a 49.89 per cent stake to Macquarie Capital, whilst meeting EnBW’s objectives to retain control and no asset level debt.

Outcome

First-of-its-kind transaction

The debt was structured and raised by Macquarie as a large tranche of HoldCo level debt, the first time this innovative transaction structure has been used in the German offshore wind sector

80 wind turbines

Delivering 80 wind turbines with a total of 288MW

Pioneering structured investment in offshore wind

Principal investment in Baltic 2, a German offshore wind farm.

Opportunity

Baltic 2, an offshore wind farm located in the Baltic Sea, is the second offshore wind project by Energie Baden-Württemberg (EnBW), one of the largest energy supply companies in Germany and Europe.

Approach

Macquarie Capital worked with EnBW to develop a transaction structure that enabled the sale of a 49.89 per cent stake to Macquarie Capital, whilst meeting EnBW’s objectives to retain control and no asset level debt.

Outcome

First-of-its-kind transaction

80 wind turbines

Macquarie Capital

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