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Keppel Corporation and Keppel Infrastructure Fund Management (KIFM), the Trustee-Manager of Keppel Infrastructure Trust (KIT), have announced that they are jointly investing €305.0 million to acquire a 50.01% stake in a special purpose vehicle (SPV) that holds 50% of Borkum Riffgrund 2 (BKR2), an offshore wind farm in Germany.
The SPV is currently wholly owned by Gulf International Holding (Thailand). Post-acquisition, Gulf will retain a 49.99% stake in the SPV. Ørsted owns the remaining 50% stake in BKR2.
Fully operational since 2019, BKR2 has an operating capacity of approximately 465 MW and is located 59km off the coast of Lower Saxony in the North Sea, Germany. BKR2 operates under the German EEG 2014 market premium mechanism, which has a Feed-in-Tariff and guaranteed floor price till 2038. The project also holds a 20-year power purchase agreement and a 20-year operations and maintenance agreement (OMA), until 2038, with Ørsted. The long-term OMA has a largely fixed operational cost base which provides cost certainty and cash flow visibility. As the 50% shareholder of BKR2, Ørsted will continue to operate BKR2.
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