Van Oord sells stake in Blauwwind consortium to Luxcara

Van Oord, a Dutch maritime contracting company, has wrapped up the previously announced sale of its 10% stake in the Blauwwind consortium to renewable energy asset manager Luxcara.

In 2016, the Blauwwind consortium bagged the concession to design, build, operate and maintain the Borssele III & IV offshore wind project in the North Sea, located nearly 22km off the coast in the Netherlands.

Equipped with 77 turbines with a capacity of 9.5MW each, the offshore wind farm has a capacity of 731.5MW, which is enough to meet the power consumption requirements of 825,000 homes.

The Borssele III & IV offshore wind project achieved full operational capacity last year, and currently delivers renewable power equivalent to 2.5% of the electricity demand in the Netherlands.

Van Oord sells stake in Blauwwind consortium to Luxcara. Photo courtesy of Van Oord.

Van Oord said that as the Dutch offshore wind farm is fully operational, it opted to divest its stake to recycle capital for future projects.

Arnoud Kuis — Managing Director of Van Oord Offshore Wind said: “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.”

For Luxcara, the investment gives its investors access to a cash-yielding offshore wind project that grows its portfolio in line with its expanding global institutional investor base.

Alexandra von Bernstorff — Luxcara Managing Partner said: “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.”