Dec. 6 (Bloomberg) -- CDC Infrastructure, a unit of French state bank Caisse des Depots et Consignations, bought a 7.5 percent stake in a German sea-based wind farm.
The Marguerite Fund sold CDC a third of the 22.5 percent stake it bought in the project in February, Luxembourg-based Marguerite said today in an e-mailed statement. Terms weren’t disclosed. Two Danish pension funds, Siemens Financial Services and WPD AG, own the rest.
“This acquisition represents CDC Infrastructure’s first investment in the offshore wind sector,” Jean Bensaid, chief executive officer of CDC Infra Management, said in the statement. Renewable energy is “crucial” for European economies, he said.
Construction of the 288-megawatt wind farm in the North Sea will start in the first half and the project is expected to be connected to the grid in 2015. It will produce enough electricity for as many as 370,000 homes.
The German government wants to slow the expansion of the wind energy sector to reduce the cost of the country’s switch from nuclear energy to renewable sources. It plans to lower the target for offshore wind to 6.5 gigawatts by 2020 from 10 gigawatts. German consumers and businesses finance renewable energy subsidies by paying a surcharge on their power bills.
--Editors: Alex Devine, Randall Hackley