A view of a Keppel Corporation shipyard in Singapore January 19, 2016. REUTERS\/Edgar Su<\/p>\n
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Aug 12 (Reuters) - Singaporean conglomerate Keppel Corp (KPLM.SI) said on Friday it would spend 305 million euros ($314.7 million) along with a unit for a 50.01% stake in a special purpose vehicle (SPV) that owns 50% of Borkum Riffgrund 2, an offshore wind farm in Germany.<\/p>\n
The deal comes as companies race to increase their exposure to renewable energy assets which have risen in prominence in recent years amid a global push towards clean and sustainable energy.<\/p>\n
\"The transaction further accelerates the growth of the group's exposure in renewable energy assets,\" Keppel said in a statement, adding that it would have a total renewable energy portfolio of about 2.2 gigawatts after the investment was completed.<\/p>\n
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Borkum Riffgrund 2, which is located off the coast of Lower Saxony in the North Sea and has an operating capacity of about 465 megawatts, is 50% owned by Danish renewables firm Orsted (ORSTED.CO). Thai power producer Gulf Energy Development (GULF.BK) owns the entire SPV.<\/p>\n
Keppel said it would fund its share of the deal through capital contributions to the joint venture, while its unit may pay for the investment with a combination of internal funds, equity, debt and external borrowings.<\/p>\n
The deal is expected to be completed in the fourth quarter of 2022.<\/p>\n
($1 = 0.9693 euros)<\/p>\n
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Reporting by Shashwat Awasthi; Editing by Subhranshu Sahu<\/p>\n
Our Standards: The Thomson Reuters Trust Principles.<\/p>\n
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Keppel, unit to invest in German offshore wind farm in renewables push - Reuters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A view of a Keppel Corporation shipyard in Singapore January 19, 2016. Continue reading