for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Deals

APG-led group to snap up German offshore wind park Merkur: sources

FRANKFURT/LONDON (Reuters) - A consortium led by Dutch pension fund APG has agreed to buy German offshore wind park Merkur in a deal valuing one of Europe’s largest renewable energy projects at about 2 billion euros ($2.2 billion), two sources close to the matter said.

Merkur, where construction was completed last year, was put on the block by a consortium led by Partners Group PGHN.S. A statement announcing the sale is expected on Tuesday, the sources said.

Partners Group and APG declined to comment.

Offshore wind is one of the fastest-growing renewables markets as businesses look for greener ways to operate.

Companies, including oil majors, IT giants and metals producers, as well as traditional utilities, have raced to secure renewable energy to manage costs and reduce their carbon emissions, while boosting their image with customers.

Pension and infrastructure funds have also been investing more in renewable energy, to capitalise on the steady returns assets generate.

Additional reporting by Christoph Steitz in Frankfurt and Toby Sterling in Amsterdam; Editing by Pravin Char

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up