TINC Comm VA and DG Infra Yield have acquired the Kreekraksluis operational on-shore wind farm from energy company DELTA.
Kreekraksluis is an on-shore wind farm in the vicinity of the Kreekrak locks on the Scheldt-Rhine Canal in the municipality of Reimerswaal in Zeeland, the Netherlands. The wind farm, which became operational in 2012, has a capacity of 16 2.5MW Nordex turbines with an installed capacity of 40MW and meets the annual energy needs of over 28 thousand households.
The Kreekraksluis wind farm was developed and built by DELTA, the energy company based in Zeeland. After the acquisition DELTA will remain involved in the operational management of the wind farm. In addition, the wind farm has concluded a long-term agreement with DELTA under which DELTA will purchase the electricity production.
The investment in wind farm Kreekraksluis is TINC's first investment in wind energy in the Netherlands, following previous investments in the Netherlands and Belgium in energy, PPP DBFM projects and other infrastructure. TINC's co-investor is the non-listed infrastructure fund DG Infra Yield, which is also managed by the infrastructure joint venture of Belfius and Gimv.
The total acquisition price is within the range set and communicated by DELTA, €61 million (US$68.7 million) to €68 million (US$76.6 million), and is co-financed by ASN Bank and ASN Groenprojectenfonds. For TINC this represents an investment of approximately EUR 12 million.
Manu Vandenbulcke, CEO TINC:
"This acquisition is TINC's first new investment since its recent listing on Euronext Brussels and is financed from the funds raised in the IPO. The investment, which will have an immediate positive impact on the result, fits very well within the strategy of TINC: it represents a further diversification of TINC's investment portfolio and underpins the company's ambition to be an active infrastructure investor."
Chrisbert Van Kooten, Director for The Netherlands of TINC, on this investment:
"This investment will allow us to build on our extensive experience in the field of wind energy. Structural cooperation with industrial partners is one of the core elements of our investment strategy. From the start, DELTA has developed and managed Kreekraksluis very well. We are therefore pleased that DELTA remains involved with the wind farm and will continue to contribute knowledge and expertise. Given the sector's growth ambitions, new investment opportunities will undoubtedly arise which TINC will examen with considerable attention."