Van Oord sells stake in Borssele III & IV to Luxcara

Dutch marine contractor Van Oord announced today it has sold its 10% share in the 731.5 MW Borssele III & IV Offshore Wind Farm to Hamburg-based renewable energy asset manager Luxcara. The sale and transfer of Van Oord’s participation in Blauwwind was completed at the end of December 2021.

In 2016, the Blauwwind consortium was awarded the concession to design, construct, operate and maintain one of the world’s largest offshore wind farms located at the Borssele III and Borssele IV sites. The project is comprised of 77 – 9.5 MW turbines, with a total installed capacity of 731.5 MW, enough to power some 825,000 households.

Partners in the Blauwwind consortium were Partners Group (45%), Shell (20%), Eneco (10%), DGE (15%) and Van Oord (10%). Van Oord was responsible for the balance of plant works, consisting of the design, engineering, procurement, construction and installation of the foundations and inter-array cables.

Construction started in the second half of 2019 and Van Oord successfully completed installation of the 77 foundations in only six months despite the COVID-19 pandemic. Turbine installation was completed in November 2020.

Deal closed in 2 months

As the wind farm is now fully operational, Van Oord chose to divest to recycle capital for future projects, the company said. Van Oord and Luxcara engaged in an accelerated transaction process, with thorough due diligence and negotiations closed within only two months.

We are proud to have been part of this consortium and to have been the selected construction partner. Realizing the balance of plant works is an important step in the transition to renewable energy. We are impressed by the speed and professionalism of the Luxcara team and are confident that the asset manager makes a great partner for the Blauwwind consortium.”

Arnoud Kuis, Managing Director of Offshore Wind at Van Oord

Luxcara’s portfolio includes solar and wind power plants across Europe with a total capacity of around 4 gigawatts and an investment volume approximately 4 billion euros. The investment gives Luxcara’s investors access to a cash-yielding offshore wind farm that expands the asset manager’s portfolio in line with its growing international institutional investor base.

“We are delighted to add the stake in this landmark offshore wind project to our growing portfolio of renewables projects. The deal once again demonstrates our ability to act fast and close transactions with accelerated timelines.”

Alexandra von Bernstorff, Managing Partner of Luxcara

The news follows only weeks after Blauwwind partner DGE announced it is selling its 15% share to Japanese E&P company INPEX. The completion of the agreement is subject to the fulfillment of conditions precedent determined by the stock transfer agreement including approvals by Dutch authorities and others. Source: Van Oord Image: Blauwwind/Vestas

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