Veja Mate
Located 95km NW of Borkum. Originally CIP/Highland Group; current owners acquired 2019-2022.
Status
Operationallifecycle stage
Ownership
Location
GermanyNorth Sea
Technology
Capacity
402 MW ◆
Turbines
67 × 6 MW ◆
Model
Siemens Swt 6-0-154 ◆
Foundation
Monopile ◆
Site & conditions
Site rights
Seabed rights held ∴
Origination
BARD Holding GmbH · 2009 ◆
Water depth
39–41 m ◆
Distance from shore
95 km ◆
Wind speed
9.9 m/s @ 100 m ≈
Revenue & grid
Offtake
Premium ◆
Grid
Secured · May 2017 ◆
Connection
TenneT BorWin Beta (BorWin2) HVDC offshore platform via 11.4 km … ◆
Schedule
FID
Jul 2015 ◆
COD
May 2017 ◆
Project timeline & ownership verified milestones on the spine · ownership from Hafrok’s transactions record
Origination · 2009-08
Party of record at origination
- Awarded to
- BARD Holding GmbH
- Holder
- Cuxhaven Steel Construction GmbH
- Basis
- permit / concession holder
Permit holder: Cuxhaven Steel Construction GmbH — held by BARD Holding GmbH per the record's source 'augusta-bard-veja-mate-sale-2014'. BSH Genehmigung Veja Mate, 31 Aug 2009 — 'Auf den Antrag der Cuxhaven Steel Construction GmbH … vom 03.08.2007 in der Fassung vom 20.10.2008 werden Errichtung und Betrieb von 80 Windenergieanlagen … genehmigt.' (a BARD-group company). Owner: BARD Holding GmbH sold 'its Veja Mate offshore wind project' in 2014; Cuxhaven Steel Construction GmbH is a BARD-group company. The owner is as of the FIRST held document (2014), not asserted for the 2009 grant.
From the auction results — the round that created the project.
Acquisition · 2014-09-11
BARD Holding GmbH → Highland Group Holdings (Laidlaw Capital Group) 100%
- Stake
- 100%
- Consideration
- not disclosed
- Announced
- 2014-09-11
- Closed
- 2014-11
- Project stage
- consented
"Augusta & Co plc acted as exclusive financial adviser to Bard Holding GmbH on the sale of its Veja Mate offshore wind project to Laidlaw Capital Group. The acquisition provisionally closed on 11th September 2014 ... This transaction closed in November 2014" (adviser's transaction note). Highland Group Holdings is Laidlaw's vehicle for the project (it took FID in 2015 with SFS and CIP — next row). Price undisclosed. Written 2026-08-19.
Evidence
From Hafrok’s transactions record
Farmdown · 2015-07-01
Highland Group Holdings (Laidlaw Capital Group) → Siemens Financial Services / Copenhagen Infrastructure Partners stake not disclosed
- Stake
- not disclosed
- Consideration
- not disclosed
- Announced
- 2015-07-01
- Closed
- 2015-07
- Project stage
- consented
Highland Group acquired project rights September 2014. Financial close 1 July 2015 with total project cost ~EUR 1.9bn funded by equity consortium (Highland Group, Siemens Financial Services, CIP via CI II fund) plus senior debt. Individual equity stakes not disclosed. CIP as mezzanine/equity provider. Project delivered 2017.
Evidence
- Copenhagen Offshore Partners — Copenhagen Offshore Partners | Important milestone reached only 18 months after financial close ↗ 2017-01 ◆ held
From Hafrok’s transactions record
Acquisition · 2019-02
Highland Group Holdings / Siemens Financial Services / CIP → Commerz Real / Ingka Group / KGAL / wpd invest 80%
- Stake
- 80%
- Consideration
- not disclosed
- Announced
- 2019-02
- Closed
- 2019-05
- Project stage
- operational
Consortium (Commerz Real, Ingka Investments, KGAL, wpd invest) acquired 80%. Siemens FS retained 20%. Total transaction volume (equity + project debt) ~EUR 2.3bn; Commerz Real and Ingka each >EUR 200m equity. Project operational.
Evidence
- commerzreal.com — Commerz Real and Ingka Group with over 400-million Euro investment in North-Sea offshore wind farm Veja Mate ↗ 2019-02 ◆ held
From Hafrok’s transactions record
Secondary trade · 2022-07
Siemens Financial Services → Ingka Group 8%
- Stake
- 8%
- Consideration
- €62.0m
- Implied 100% value
- €775m
- Implied
- €1.93m / MW
- Basis
- Price for the equity
- Announced
- 2022-07
- Closed
- 2022-09
- Project stage
- operational
Siemens Financial Services sold its remaining 20% of Veja Mate to the three existing shareholders in July 2022. This row is Ingka's part. Ingka held 25% after its 2019 purchase and about 33% after this deal, which it paid EUR 62 million for, so roughly 8% changed hands at that price. The 8% is worked out from those two published holdings and is approximate. Commerz Real and KGAL bought the rest.
Evidence
- Offshore Wind Biz — Siemens Financial Services Sells Its Stake in Veja Mate Offshore Wind Farm ↗ 2022-07-11 ◆ held
- Bundesanzeiger — Veja Mate Offshore Project GmbH, Oststeinbek - Jahresabschluss zum 31. Dezember 2021, V. 13.03.2023 ↗ 2021-12-31 ◆ held
- Ingka Group — Ingka Investments increases its investment in German offshore wind park ↗ 2022-07-06 ◆ held
- Offshore Wind Biz — IKEA Ventures Into Offshore Wind ↗ 2019-02-14 ◆ held
From Hafrok’s transactions record
Secondary trade · 2022-07
Siemens Financial Services → Commerz Real / KGAL 12%
- Stake
- 12%
- Consideration
- not disclosed
- Announced
- 2022-07
- Closed
- 2022-09
- Project stage
- operational
The other part of Siemens Financial Services' July 2022 sale of its last 20% of Veja Mate. Commerz Real said it invested EUR 70 million and ended with about 36%, and KGAL ended with about 31%, but neither said how much of the farm it bought, so this part has no price per share. The 12% is what is left of the 20% after Ingka's part and is approximate.
Evidence
- Offshore Wind Biz — Siemens Financial Services Sells Its Stake in Veja Mate Offshore Wind Farm ↗ 2022-07-11 ◆ held
- Ingka Group — Ingka Investments increases its investment in German offshore wind park ↗ 2022-07-06 ◆ held
From Hafrok’s transactions record
Dashed tick marks today (13 Oct 2026). The teal diamond on the spine is origination — the seabed award or round that created the project. Every other ownership event lives in the band below: one station per recorded deal, dated at its label, in deal order rather than to calendar scale. Secondary trades appear only at the interchanges; grey lines are parties whose entry or exit Hafrok’s record does not hold.
Announced-COD history: 2017-Q2→2017-05 · 2 recorded revisions · held within the year (first announced 2017-Q2, latest 2017-05)
Revenue & offtake the regime the project was built under
Offtake regime on record
RegimeThe farm company's accounts describe a guaranteed EEG remuneration whose remaining price risk is the loss of the grid operator's market premium at negative power prices (accounts for 2018, 2019, 2021, 2023 and 2024). The 2024 accounts expect slightly lower revenue in 2025 because the guaranteed remuneration steps down.
Instrumentmarket premium
A built project sells its power under the contract or support regime it was financed with; it is not expected to bid into new government offtake rounds. Where the record does not yet name that regime, the row says so rather than guessing.
Installation how the build is going · from sourced statements and Hafrok’s registers
Installation complete
Installation · on record
StageOperational
In operation since2017-05
Offshore construction2016-04 → 2017-05
Construction ports
PortEsbjerg ◆·installation · quay 10000 m · crane 300 t · draft 15 m
Grid connection
from Hafrok’s substation, converter and cable registers
Offshore platforms · 2
Offshore substationVeja Mate Offshore Substation·155 kV · in service 2016 · owner Veja Mate wind farm owners — Highland Group Holdings, Siemens Financial Services and Copenhagen Infrastructure Partners' CI II (farm-owned platform)
HVDC systemBorWin2·800 MW · ±300 kV · in service 2015-01 · shared with Albatros, Deutsche Bucht
Converter supplierSiemens (HVDC PLUS); Prysmian cables·BorWin2 · Nordic Yards, Warnemünde, Germany · for TenneT
Grid connection · ready in time?
when each part of the grid connection is due, against the start date the developer states (black line) · a bar spans the whole year, quarter or month the source gives
installed or in serviceexpected deliveryearlier date that was later moved
Sources & verification
Rests on 12 sources (10 primary) · ◆ 7 documents held
◆Verified≈Modelled◇Sourced∴Inferred⌁Convention○Unverified∅No source·Derived
Numbers are stable citation ids — grouped by source class, so they are not consecutive.
Regulator2
[1]
Bundesamt fuer Seeschifffahrt und Hydrographie (BSH)2009-08◆ Genehmigungsbescheid Offshore-Windpark V…
“Auf den Antrag der Cuxhaven Steel Cons truction GmbH, Hermann-Honnef-Str. 1, 27472 Cuxhaven, vertreten durch den Geschäftsführer Manfred Bruhn, vom 03.08.2007 in der Fassung vom 20.10.2008 werden Erri…”
supportsConsentWater depthCoordinatesConsent granted
[12]
Bundesnetzagentur — Marktstammdatenregister2026-08-23◆ Marktstammdatenregister (MaStR) offshore…
“Park row "OWP Veja Mate": 67 units, 422.1 MW gross, statuses {'In Betrieb': 67}, operators ['Veja Mate Offshore Project GmbH'], commissioned 2017-01-18..2017-05-31, planned None..None.”
supportsRegister entry
Operator3
[3]
Copenhagen Offshore Partners (COP)2017-01◆ Copenhagen Offshore Partners | Important…
“PUBLISHED January 18, 2017 [...] In just 18 months after financial close, the first Siemens 6MW wind turbine has started supplying the German electricity grid with green, renewable energy two months a…”
supportsOffshore constructionFirst powerSite rightsStatusConnection point+1 more
[4]
Copenhagen Offshore Partners (COP)2017-05-31◆ Copenhagen Offshore Partners | Veja Mate…
“PUBLISHED May 31, 2017 [...] With the installation of the last of its 67 Siemens SWT-6.0-154 turbines last Thursday, Veja Mate completed construction in less than 14 months and just 23 months after Fi…”
supportsCommercial operationCOD historyTurbinesModelUnit capacity+1 more
[17]
Unternehmensregister2026-01-28◆ Veja Mate Offshore Project GmbH, Oststei…
“Die Veja Mate Offshore Project GmbH hat ihren Sitz in Oststeinbek und ist eingetragen in das Handelsregister B beim Amtsgericht Lübeck (Reg.Nr. HRB 17426 HL).”
supportsMechanismDetail
Trade press7
[2]
[5]
[6]
[7]
[8]
[9]
[10]