Danish energy trader InCommodites, backed by Goldman Sachs, has signed its first power purchase agreement for production from an offshore wind farm with BlackRock-backed Skyborn Renewables, it said on Thursday.
The agreement covers power offtake, guarantees of origin and balancing services for the 110.7-megawatt (MW) Nordergruende wind farm off the German North Sea coast, InCommodities said, without providing further commercial details.
The deal marks the energy trader's entry into offshore wind, extending a renewables asset management platform currently covering onshore wind and solar across Europe.
"We are very proud to sign our first offshore wind deal, with Skyborn Renewables as partner – for us this is a milestone agreement," said Andreas Juul Jensen, chief commercial officer at InCommodities Asset Management.
The company said previously it is looking to expand its power purchase agreement (PPA) offerings for wind, solar and batteries in Europe.
Skyborn Renewables, a portfolio company of New York-based Global Infrastructure Partners (GIP) owned by BlackRock, became the sole owner of the wind farm, which has been in operation since 2017, in June this year.
"As offshore wind assets mature, maximising long-term value increasingly depends not only on operational performance, but also on having the right commercial framework in place," Christian Zaum, chief financial officer at Skyborn Renewables, said in the statement.
(Reporting by Nora Buli, editing by Terje Solsvik)
