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AUM in Action

Storebrand, NBIM Acquire German Offshore Wind Farm Stake 

A consortium of Denmark-based AIP Management, Storebrand Asset Management’s strategic infrastructure partner, Norges Bank Investment Management (NBIM), and Allianz Capital Partners (ACP) has acquired 49.9% of Germany’s largest planned offshore wind farm. He Dreiht is a construction-ready 960 megawatt (MW) offshore wind farm in the German North Sea and is expected to be operational by the end of 2025, producing clean energy equivalent to the electricity demand of over one million German households. Storebrand Infrastructure Fund is investing more than NOK 1 billion (US$96.4 million) in the transaction. NBIM’s stake is 16.6% for which it will pay approximately €430 million (US$467.7 million), with the total value of the project estimated to be €2.6 billion (US$2.8 billion). The seller of the wind farm interest is German utility firm EnBW that developed the project and will remain co-owner and operator of the project. Jo Gullhaugen, Head of Infrastructure at Storebrand Asset Management, said: “He Dreiht represents an attractive combination of key infrastructure characteristics and meaningful impact on the path to net zero. The wind farm is expected to produce clean energy for more than 1.1 million households, and long stable cash flows provide characteristics we consider attractive in a balanced portfolio.” 

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