Irish renewable investment firm Greencoat Renewables has agreed to purchase a 50% stake in the 312MW Borkum Riffgrund I offshore wind farm for a €350m ($383m) cash consideration.

As part of the deal, Greencoat Renewables will acquire a 31.5% stake from Kirkbi and 18.5% from William Demant Invest.

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The deal will increase Greencoat Renewables’ total installed capacity to 993MW.

Danish multinational power company Ørsted retains the remaining 50% stake in the Borkum Riffgrund I offshore wind farm, which it developed and built.

Located in Germany’s exclusive economic zone in the North Sea, Borkum Riffgrund I is equipped with 78 SGRE 4.0MW turbines. It has been operational since 2015.

Until September 2024, the wind farm will benefit from a fixed-price contract for differences (CfD).

Following this, it will have benefits from a government-backed floor price for the power sold until May 2035.

Completion of the deal is expected to take place later this year subject to regulatory clearance.

Under a long-term contract, Ørsted will provide operation, maintenance and management services for the wind farm.

Greencoat Renewables Investment manager Bertrand Gautier said: “We are very pleased to enter the continental offshore wind market with a significant strategic stake in Borkum Riffgrund I.

“This acquisition will contribute to Greencoat Renewables’ strategy to build a diversified portfolio of high-quality renewable electricity generation assets supported by strong contracted cash-flows and will support the company’s further expansion into continental Europe.

“The acquisition further strengthens Greencoat Renewables’ partnership with Ørsted and positions us well for future acquisitions in the European offshore sector.”

In March 2020, Greencoat Renewables agreed to acquire a portfolio of three wind farms in France.

The company bought the wind assets, whose total capacity amounts to 51.9MW, from John Laing Group for a total consideration of €30.3m.