Stake Transaction

At the end of December 2021, marine construction company Van Oord sold and transferred its 10% participation in the Blauwwind II consortium to Hamburg-based renewable energy asset manager Luxcara, completing Van Oord's exit from the 731.5 MW Borssele III & IV offshore wind project. The deal was announced on 12 January 2022 and had been closed within only two months following an accelerated transaction process with thorough due diligence and negotiations. Van Oord had originally joined the Blauwwind consortium as a strategic construction partner and delivered the project's Balance of Plant scope — design, engineering, procurement, construction and installation of the 77 monopile foundations (completed in six months despite COVID-19) and the inter-array cable system. With the wind farm fully operational since early 2021, Van Oord chose to divest to recycle capital for future projects. For Luxcara — established in 2009 and managing a Europe-wide portfolio of wind, solar PV, battery storage, EV charging and electrolyser assets — the acquisition added a cash-yielding offshore wind asset to its growing portfolio and provided its institutional-investor base with access to a landmark Dutch offshore wind project. The transaction left consortium stakes as Partners Group 45%, Shell 20%, Eneco 10%, Diamond Generating Europe 15% and Luxcara 10%.