Oil Company Gulf Energy Sells 50% Stake In German Wind Farm

Leading oil company Gulf Energy Development Public Company Limited has notified the Stock Exchange of Thailand that that it is divesting more than 50 per cent stake in its Germany based wind farm. The disinvestment is taking place at EUR 305 million.

Gulf Energy said that through its wholly owned subsidiary, Gulf International Holding Pte. Ltd., it has entered into a Shareholders’ Agreement and Share Purchase Agreement with Neptune1 Infrastructure Holdings Pte. Ltd., a joint venture company of Keppel Infrastructure Trust and Keppel Renewable Investments, which is ultimately held by Keppel Corporation Limited, to divest the 50.01% equity stake in Borkum Riffgrund 2 Investor Holding GmbH.

As per the official statement of Gulf Energy, BKR2 Holding currently holds 50% equity stake in Borkum Riffgrund 2 Offshore Wind Farm together with Ørsted. After the divestment, GIH will hold the remaining 49.99% stake in BKR2 Holding, or equivalent to a 25% indirect equity stake in the Project.

The BKR2 Project is an offshore wind farm project with an installed capacity of over 464 MW located in the North Sea. The wind project is commercially operational since April 2019 and has a PPA and an O&M agreement with Ørsted for a period of 20 years. The wind project receives a guaranteed Feed-in-Tariff (FiT) backed by the German government.

The official statement of Gulf Energy said that Keppel Infrastructure Trust is the largest diversified business trust listed on the Singapore Exchange with a global portfolio of approximately SGD 4.7 billion in infrastructure businesses and assets under management as at 30 June 2022.

Gulf Energy said that Keppel provides solutions for sustainable urbanization, focusing on energy and environment, urban development, connectivity and asset management. Potential business collaborations with Keppel Group include co-investment in projects that focus on energy transition and renewable energy, which is consistent with business strategy of Gulf Energy and direction to reduce greenhouse gas emissions.