Business Updates: Macquarie, GE Vernova, Skyborn Renewables
Macquarie is acquiring Danish offshore wind O&M provider Ziton. The Australia-based investment firm is reportedly also considering selling its standalone offshore wind portfolio company, Corio Generation. In the US, Skyborn Renewables' owner GIP has bought into two projects developed by ?rsted. The US-headquartered GE Vernova has initiated a process to slim down its offshore wind business. Read more in today's offshoreWIND.biz recap!
Macquarie Asset Management is set to acquire 100 ownership of Ziton, a Denmark-based provider of operations and maintenance (O&M) services to the offshore wind industry.
Macquarie European Infrastructure Fund 7, advised by Macquarie Asset Management, has entered into a share purchase agreement with funds advised by Permira Credit and other existing shareholders to acquire all issued and outstanding shares of Zappy TopCo ApS and its wholly-owned subsidiary Ziton, the O&M company said in a stock exchange announcement on 27 September.
The transaction is expected to be completed by December 2024 or the first quarter of 2025, subject to regulatory approvals.
Macquire is also considering selling its offshore wind portfolio company Corio Generation, according to a report by Reuters from 1 October, which said that Macquarie had engaged advisors for a potential sale of Corio, citing sources with knowledge of the matter.
offshoreWIND.biz reached out to Corio Generation but the company declined to comment.
Macquarie established Corio Generation in April 2022 as a portfolio company of Macquarie Asset Management operating on a standalone basis. According to information on Corio’s website, the developer currently has an offshore wind project pipeline of 30 GW.
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Skyborn Renewables has become ?rsted’s joint venture partner on the South Fork Wind and Revolution Wind offshore wind farms in the US as Skyborn’s parent company, Global Infrastructure Partners (GIP), acquired Eversource Energy’s 50 per cent ownership share in the two projects.
Eversource initiated a strategic review of its offshore wind investment portfolio that involves its 50 per cent interest in the joint venture with ?rsted back in 2022.
In 2023, ?rsted acquired a 50 per cent interest in an uncontracted offshore wind lease area the two companies jointly owned and at the beginning of this year, Eversource executed a definitive agreement to sell its 50 per cent stake in South Fork Wind and Revolution Wind to GIP. In July, ?rsted acquired its now former partner’s stake in Sunrise Wind.
Some 900 jobs in GE Vernova’s offshore wind business unit could be lost as the company plans to downsize the business.
“On September 19, we submitted a proposal to the GE Vernova European Works Council related to proposed changes in our Offshore Wind business globally. The proposal reflects industry wide challenges for wind and aims to transform our Offshore Wind business into a smaller, leaner and more profitable business within GE Vernova”, a GE Vernova Spokesperson said in an email statement to offshoreWIND.biz .
This could impact approximately 900 roles globally, according to a company source, who also said GE Vernova was committed to supporting the potentially impacted employees over the next several months.
The decision to slim down the offshore wind business comes on the heels of inflation and global supply chain challenges, as well as lower-than-expected volume associated with delays to GE Vernova’s key projects, according to the source from the company.
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