Pacifico‘s wind farm project in North Rhine-Westphalia reaches realisation phase and attracts investor
04 / 03 / 24
In December 2023, the international project developer Pacifico Energy Partners GmbH ("Pacifico") sold its stake in a wind farm project with two 6.8 MW wind turbines to a strategic partner.
Before closing of the transaction, Pacifico and GLS Gemeinschaftsbank eG (“GLS”) concluded project financing with a volume of around EUR 23 million. GÖRG Partnerschaft von Rechtsanwälten mbB supported Pacifico in the transaction as legal advisor.
Pacifico secured an EEG feed-in-tariff for the project in the May 2023 auction. Subsequently, Nordex Group was commissioned to supply the two N163/6.X wind turbines and provide O&M services. Construction is scheduled to begin in the first quarter of 2024, the wind farm is supposed to become operational already in December 2024. Pacifico will operate the wind farm after commissioning.
The new, efficient wind turbines will generate around 32 GWh of green electricity per year – enough to meet the electricity needs of around 15,000 two-person households.
Ulf Oesterlin, founder and CEO of Pacifico, expressed his delight about the successful conclusion of the transaction and winning GLS as a new financing partner: “The realisation of this wind farm project is an important milestone for Pacifico and we are thrilled to be able to implement it with skilled partners such as GLS. Germany is our home market and we want to make a significant contribution to achieving the expansion targets for renewable energies there.”
Wenzel Paulig, corporate client advisor in the GLS Renewable Energy Competence Centre, emphasised the bank’s social and ecological focus: “We are proud to support this project. Renewable energies are the key to achieving the climate targets of the Paris Agreement. Sustainable energy generation is therefore an issue close to our hearts. We financed one of the first wind turbines back in 1987. We look forward to expanding the circle of committed people and working together on our vision of 100 per cent renewables.”
About Pacifico Energy Partners GmbH:
Pacifico Energy Partners is a renewable energy company for wind and solar energy as well as battery and hydrogen technologies with its registered office in Munich. Pacifico develops greenfield projects, repowers existing plants, provides state-of-the-art asset management services and facilitates the acquisition of operational and turn-key plants.
About GLS Gemeinschaftsbank eG:
GLS Bank was founded in Bochum in 1974 and has around 350,000 customers today. It is the oldest and largest sustainable bank in Germany. In addition to Bochum, there are branches in Berlin, Frankfurt, Stuttgart, Munich, Freiburg and Hamburg. The bank only finances socio-ecological projects and companies. The deposits of its community are channelled into loans for renewable energy, food, sustainable business, housing, education and culture as well as social engagements and healthcare. GLS Bank celebrates its 50th anniversary on 1 & 2 June 2024: All interested people are welcome to attend the GLS Anniversary Festival and Sustainability Fair at the Jahrhunderthalle in Bochum.
About GÖRG Partnerschaft von Rechtsanwälten mbB:
GÖRG is one of the leading law firms in Germany in the field of project development in the energy sector. GÖRG regularly advises numerous project developers comprehensively on the realisation of renewable energy plants, in particular offshore and onshore wind farms, hydropower, photovoltaic and biomass plants, electricity and gas storage facilities.
Pacifico’s advisors: Michael Gierth (Partner, Munich), Jan Schellenberger (Partner, Cologne), Dr Ruth Büchl-Winter (Counsel, Cologne), Dr Ilka Mainz (Associate Partner, Cologne), Niklas Fietz (Associate, Cologne).
"The realisation of this wind farm project is an important milestone for Pacifico and we are thrilled to be able to implement it with skilled partners such as GLS. Germany is our home market and we want to make a significant contribution to achieving the expansion targets for renewable energies there."
Ulf Oesterlin, CEO Pacifico Energy Partner