Novo Holdings and European Energy have formed a partnership to repower 17 operational wind parks in Germany with new and more efficient wind turbines. Novo Holdings has also acquired a 50% stake in the company owning the German operation assets from European Energy.
The wind parks went operational between 2002 and 2008, and since then, significant advances have been made in wind turbine technology, resulting in more efficient, higher-capacity turbines that can generate substantially more energy from the same wind resources. Novo Holdings and European Energy aim to replace these outdated wind turbines with modern turbines capable of generating significantly more renewable energy.
Currently, the wind parks have a combined capacity of 151.9 MW. Once operational, the updated wind parks are projected to generate over 1,100 GWh of electricity annually, equivalent to the energy consumption of around 290,000 European households.
The projects have already secured most rights and are in advanced stages of development. They are expected to achieve ready-to-build status between 2025 and 2027 and are forecast to become operational between 2027 and 2030.
Accura advised Novo Holdings in all aspects regarding the transaction.
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