Ocean Winds, a joint venture of EDPR and Engie, has decided to sell a minority stake in the 500 MW Îles d’Yeu and Noirmoutier offshore wind farm in France to Allianz Global Investors.
Under the agreement, Ocean Winds will sell a 20.25% stake in the project for an equity value of €200 million, implying an enterprise value of €5.6 million per megawatt, according to EDPR.
Following the completion of the transaction, the updated shareholder structure will be Ocean Winds (40%), Allian (20.25%), Sumitomo (29.5%), Banque des Territories (9.75%), and Vendée Energie (0.5%).
Following the final investment decision in April 2023, the Îles d’Yeu and Noirmoutier offshore wind farm has progressed into the final stages of construction.
Half of the total of 61 Siemens Gamesa 8 MW turbines are installed at the site located 11.7 kilometers off the island of Yeu and 16.5 kilometers off the island of Noirmoutier.
In June, with several of its turbines installed, Îles d’Yeu and Noirmoutier started supplying green electricity to the French grid.