Borssele 3 & 4

Shell · Eneco · Diamond Generating Europe · Van Oord — Blauwwind consortium (Shell 50%, Eneco 30%, Diamond Generating Europe/Mitsubishi 15%, Van Oord 10% — approximate pre-Partners Group stakes) awarded the SDE+ subsidised tender for Borssele III & IV on 12 December 2016 with a record-low bid of EUR 5.45 ct/kWh. Partners Group later acquired 45% in January 2018 from across the original sponsors before financial close.

Partners Group agreed in January 2018 to buy 45% of Borssele III/IV from the original consortium (Shell, Eneco, Diamond Generating Europe and Van Oord), becoming its largest shareholder; financial close followed on 28 June 2018. The parties did not disclose a price.

Van Oord sold its 10% equity stake in Blauwwind consortium to Hamburg-based renewable energy asset manager Luxcara. Deal completed end of December 2021 following two months of due diligence and negotiations. Van Oord cited capital recycling for future projects as rationale. Deal value not disclosed (Van Oord reported no material gain/loss on disposal). Post-transaction structure: Partners Group 45%, Shell 20%, INPEX 15%, Eneco 10%, Luxcara 10%. Van Oord's own annual report gives the figure the joint announcement withheld: the sale of its share in Blauwwind, the Borssele III/IV holding company, brought in EUR 94m of cash and a book result of EUR 54.5m. The farm is heavily project-financed, so this is an equity figure and sits far below what the whole asset is worth.

INPEX Corporation agreed in December 2021 to acquire Diamond Generating Europe B.V.'s (DGE-NL, 100% Mitsubishi subsidiary) 15% interest in Borssele III/IV. Transaction completed in March 2022. Part of a dual transaction (INPEX also acquired DGE's 50% in Luchterduinen simultaneously). Deal value not publicly disclosed.

Partners Group sold 20% of its 45% stake to Swiss Life Asset Managers (on behalf of Swiss Life group and third-party investors), retaining 25%. First tranche of Partners Group's exit from Borssele III/IV. Deal value not disclosed. Transaction announced 19 September 2022.

Partners Group sold 15% to Nuveen European Core Renewable Infrastructure fund (managed by Glennmont Partners from Nuveen and MN Services), leaving Partners Group with 10%. Agreement dated 31 March 2023; announced and completed July 2023. Deal value not disclosed. Post-transaction structure: Swiss Life 20%, Nuveen/Glennmont 15%, Partners Group 10%, Shell 20%, INPEX 15%, Eneco 10%, Luxcara 10%.

Partners Group's final exit from Borssele III/IV — sold residual 10% to Octopus Energy Generation (on behalf of its Sky offshore wind fund). Announced September 2023; closed February 2024. Deal value not disclosed. Partners Group fully exited the asset after holding since January 2018.