John Laing Group PLC Monday said it will invest approximately EUR45 million to EUR50 million to acquire the Klettwitz wind farm in Brandenburg Schipkau in Germany from the site’s developer Ventotec GmbH.
The investor and manager of infrastructure projects said the wind farm also will be refinanced with new project finance.
Total installed capacity at Klettwitz is 89 megawatts from 27 wind turbines. The project benefits from a feed in tariff for up to 20 years.
John Laing added that the final value of the purchase will be confirmed at financial close which is expected to be before November 30.
“Our investment in Klettwitz takes John Laing into renewable energy in Germany for the first time and provides us with an attractive project. Investing in wind turbine repowering is an area where we believe there are likely to be further opportunities to capitalise on the major advances in wind turbine technology made in recent years. We remain on track to achieve our stated investment target for this year,” Chief Executive Olivier Brousse said in a statement.