Swiss private equity fund manager Partners Group has bought an 80% stake in German renewables developer VSB Group for an undisclosed amount.
Partners Group said the transaction value includes a significant allocation to fund future growth.
Dresden-based VSB has developed or built over 1.1GW of onshore wind and PV generating assets to date and manages over 1.4GW of wind assets. It is active in eight countries, including France, Germany and Poland, and has over 300 employees. The company recently also entered the South Korean market through a subsidiary, securing a 35MW wind project.
“VSB has enjoyed great success to-date as an independent, multinational company. However, given the vast opportunity for renewable energy, we wanted a like-minded partner to accelerate our next phase of growth,” VSB founder and managing director Andreas Dorner said, who will keep 20% of the company.
“In Partners Group, we have found a global partner with significant operational resources and a wealth of international experience in hands-on renewable energy investment."
Partners Group – which has $94bn in assets under management - already owns stakes in many renewable energy projects, among them a 45%-stake in the 731MW Borssele 3&4 offshore wind project in the Netherlands.
Late last year, the fund managing group sold its stake in the 396MW Merkur offshore wind farm in the North Sea in Germany. Partners Group also has invested in two Australian onshore wind farms – Ararat and Sapphire – with a combined capacity of over 500MW.
VSB said with the entry of Partners Group it will be able to continue its growth path in Germany and abroad.
“We are very excited to partner with VSB to support its continued growth at a time when climate change sits high on political and social agendas,” said David Daum, member of management, private infrastructure Europe, at Partners Group.
“The company's proven development track record, strong and engaged management team, and sizable project pipeline make it an excellent fit for Partners Group's platform expansion strategy. VSB is very well-positioned to capitalize on increased demand for environmentally-friendly sources of energy throughout Europe; we believe it has potential to become the preeminent European renewable energy platform.”
