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iCON V acquires 95 per cent interest in Wind Estate A/S

iCON Infrastructure Partners V1 (iCON V) has completed the acquisition of a 95 per cent interest in Wind Estate A/S (Wind Estate) from its founders Jens Petri Petersen and CEO Erik Abraham.  

Abraham will remain as CEO and a 5 per cent shareholder of the Company. Wind Estate is a leading Danish independent power producer owning 282MW of operating onshore and offshore wind power generation capacity in Denmark and Scotland. Headquartered in Randers, Denmark, Wind Estate has 26 employees and a proven track record of successful development, acquisition and operation of wind turbines.  

In addition to the operating portfolio, Wind Estate owns 105MW of advanced-stage development assets of which 44MW are in construction, 34MW are fully permitted and 27MW are expected to receive final permits in 2021. The company also owns a pipeline of c1.2GW of early-stage onshore development projects in Denmark, Scotland and Greece. The early-stage development of substantial offshore capacity is also underway.  

Given the large footprint of operating assets, the company is also well placed to pursue repowering projects in Denmark. Under iCON V’s ownership Wind Estate will continue to pursue its successful growth strategy through greenfield and repowering development projects as well as through selective M&A opportunities, including expansion in the UK market.  

Enis Moran, Partner, iCON Infrastructure, comments: “We are delighted to add a European renewable energy IPP to the iCON portfolio. Wind Estate is a high-quality infrastructure business, operating in attractive growth markets. We look forward to working closely with our partner and the Company’s management team to help the business achieve its full long-term potential.”  

Abraham comments: “We welcome iCON V as a new shareholder to Wind Estate and look forward to working together in pursuing the company´s successful strategy in a lasting and sustainable manner. It was important for Wind Estate to find a knowledgeable and experienced shareholder supporting the Company’s ongoing growth strategy and I believe we have found a good match in iCON Infrastructure.” 

iCON Infrastructure was advised in the transaction by Evercore and Nykredit acting as joint financial advisers and law firm Horten. The sellers were advised by financial adviser Deloitte and law firm Kromann Reumert. 

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