Gulf Energy Development Public Co. said it has acquired a 50 percent interest in the 465-megawatt Borkum Riffgrund 2 offshore wind farm in a deal that was valued between €548 million ($619 million) and €558 million ($630 million).
The wind farm is located in the German North Sea and started commercial operation in April 2019.
Gulf Energy has now acquired 100 percent of the shares of Borkum Riffgrund 2 Investor Holding (BKR2) through a share purchasing agreement with Global Infrastructure Partners. BKR2 held a 50 percent interest in Borkum Riffgrund 2; the other 50 percent is owned by Orsted.
Gulf International Holding, the subsidiary through which Gulf Energy bought out BKR2, said the potential for the BKR2 project is consistent with the company’s strategy to expand its renewable energy business overseas.
