Stake Transaction

In June 2015, Macquarie Capital exited its minority position in the EnBW Baltic 2 offshore wind farm by selling its entire 49.89% equity stake to Dutch institutional investor PGGM Infrastructure Fund. Macquarie had acquired this stake earlier that year and then transferred it to PGGM a few months later, consolidating long‑term ownership of the nearly half shareholding in the hands of a co‑operative Dutch pension fund service provider. Following this transaction, EnBW retained a slight majority interest in the 288 MW project, while PGGM became the principal external financial investor. The deal restructured Baltic 2’s equity base from a short‑term infrastructure investor towards long‑term pension fund ownership, without changing EnBW’s operational role at the wind farm.