Ocean Winds, a joint venture formed by EDP Renováveis from Portugal and Engie from France, is deepening its financial ties with Allianz Global Investors. The partnership recently finalized an agreement for Allianz to acquire a 20.25% stake in the Îles d’Yeu et Noirmoutier offshore wind farm for $232 million.
Details of the Wind Farm Project
The Îles d’Yeu et Noirmoutier project has a total capacity of 500 megawatts and is situated off the coast of Vendée, France. The offshore wind farm is equipped with 61 Siemens Gamesa turbines, each capable of generating 8.2 megawatts. This project is supported by a long-term, inflation-linked feed-in tariff that guarantees revenue stability over a 20-year period.
Financial Highlights
According to EDP, the enterprise value-to-megawatt ratio for this transaction stands at $6.5 million. This sale enables Allianz Global Investors to become a significant player in the renewable energy sector, enhancing its portfolio with a reliable income-generating asset.
Construction and Timeline
Construction reached its final phase following a pivotal investment decision made in April 2023. By June 2025, more than half of the turbines had been installed and began generating electricity for French households. The project is set to be fully operational by the end of 2025.
Ownership Breakdown
Upon completion of the transaction, the ownership structure of the Îles d’Yeu et Noirmoutier offshore wind farm will be as follows:
- Ocean Winds: 40%
- Allianz Global Investors: 20.25%
- Sumitomo Corporation: 29.5%
- Banque des Territoires: 9.75%
- Vendée Energie: 0.5%
This strategic stake sale not only reinforces Ocean Winds’ leadership in the offshore wind sector but also exemplifies Allianz’s commitment to investing in sustainable energy solutions.
