Merkur Offshore
Located 45km north of Borkum. First commercial GE Haliade-150 6MW deployment in Germany.
Status
Operationallifecycle stage
Ownership
APGAPG — 64.3% ◆
TRIG — 35.7% ◆Location
GermanyNorth Sea
Technology
Capacity
396 MW ◆
Turbines
66 × 6 MW ◆
Model
GE Haliade 150-6-0 ◆
Foundation
Monopile ◆
Site & conditions
Site rights
Seabed rights held ∴
Origination
Windreich AG · 2009 ◆
Water depth
27–33 m ◆
Distance from shore
45 km ◆
Wind speed
9.9 m/s @ 100 m ≈
Revenue & grid
Offtake
FiT ◆
Grid
Secured · 2018 ◆
Connection
TenneT DolWin3 (DolWin gamma) HVDC converter platform ◆
Schedule
FID
Aug 2016 ◆
COD
Jun 2019 ◆
Project timeline & ownership verified milestones on the spine · ownership from Hafrok’s transactions record
Origination · 2009-08
Party of record at origination
- Awarded to
- Windreich AG
- Holder
- Nordsee Offshore MEG I GmbH
- Basis
- permit / concession holder
Permit holder: Nordsee Offshore MEG I GmbH — held by Windreich AG per the record's source 'infrared-merkur-case-study'. BSH Genehmigung MEG Offshore I, Aug 2009 — 'Auf den Antrag der Nordsee Offshore MEG I GmbH … werden Errichtung und Betrieb von 80 Windenergieanlagen … genehmigt.' The project became Merkur Offshore under later owners; that transfer is not yet a recorded deal. Owner: InfraRed names Windreich 'the original developer'; Nordsee Offshore MEG I GmbH was its project company. The consortium bought the project out of the Windreich insolvency in 2016 (record of deals).
From the auction results — the round that created the project.
Acquisition · 2016-08
Windreich AG (in insolvency) → Partners Group / InfraRed Capital Partners / DEME Concessions / GE Energy Financial Services / ADEME 100%
- Stake
- 100%
- Consideration
- not disclosed
- Announced
- 2016-08
- Closed
- 2016-11
- Project stage
- pre-FID
Consortium (Partners Group 50%, InfraRed 25%, DEME Concessions 12.5%, GE Energy FS 6.25%, ADEME 6.25%) acquired project and took it to financial close. Total capex ~EUR 1.6bn (equity + ~EUR 1.2bn senior debt). Consented/pre-FID at acquisition. Commissioned June 2019.
Evidence
- partnersgroup.com — Press Releases ↗ 2016-08 ◆ held
- InfraRed Capital Partners — Merkur ↗ ◆ held
From Hafrok’s transactions record
Divestment · 2019-12
Partners Group / InfraRed Capital Partners / DEME Concessions / GE Energy Financial Services / ADEME → APG / TRIG 100%
- Stake
- 100%
- Consideration
- not disclosed
- Announced
- 2019-12
- Closed
- 2020-05
- Project stage
- operational
Original consortium sold 100% to APG (~64%) and TRIG (~25-36%, with InfraRed co-investor carve-out). Total deal value undisclosed. Partial data: DEME Concessions reported EUR 62m capital gain on 12.5% exit, implying project equity value ~EUR 496m. Completed 12 May 2020.
Evidence
- deme-group.com — Sale of 100% Interest in Merkur Offshore Wind Farm to APG and TRIG ↗ 2020-01 ◆ held
From Hafrok’s transactions record
Secondary trade · 2022-12
InfraRed Capital Partners (co-investors) → TRIG 11%
- Stake
- 11%
- Consideration
- not disclosed
- Announced
- 2022-12
- Closed
- 2023-03
- Project stage
- operational
TRIG acquired additional ~11% from InfraRed-managed co-investors, lifting TRIG total from ~25% to ~35.7%. APG retained ~64.3%. Deal value undisclosed; ~2% of TRIG's total portfolio value at time.
Evidence
From Hafrok’s transactions record
Dashed tick marks today (9 Sep 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: 2019-03→2019→2019-06 · 3 recorded revisions · held (announced 2019-03, unchanged)
Revenue & offtake the regime the project was built under
Offtake regime: guaranteed feed-in tariff until 2033
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 satellite counts and Hafrok’s registers
Satellite survey
the farm as it stands, counted from satellite radar images · built before the count began, so there is no build to chart
Satellite survey
Structures standing67≈66 turbines + 2 platforms expected · 1 fewer than expected — a position the survey missed
Surveyed2026-08-31≈from 89 satellite passes
Built2017-04 → 2019-06offshore construction to start of operation, from the record
Hafrok counts the structures standing in the sea from satellite radar images (≈) and reads the count against the turbines and platforms on record. The farm was built before this count began, so the images show it complete; they cannot date its construction. Rows marked with a dot (·) come from Hafrok’s own registers.
Satellite image
Image taken2026-09-06≈Copernicus Sentinel-1 radar satellite, southbound pass · 1 newer pass skipped because the satellite’s track only caught part of the farm (the best of them 0%)
Farm covered100%≈the whole farm lies inside the image
Structures ringed67 confirmed · 0 not yet confirmed≈as counted on 2026-08-31 · the image is newer than the count, so a bright spot without a ring may be a structure not yet counted
Construction ports
PortEemshaven ◆·marshalling · quay 5000 m · crane 50 t · draft 14 m
Contains modified Copernicus Sentinel data 2026, processed by ESA and by Microsoft Planetary Computer.
Latest satellite radar image · 2026-09-06
a radar picture, not a photograph: the sea is dark, steel is bright · black is beyond the edge of the image
confirmed structure (67)seen recently, not yet confirmed (0)probably a substation platform (a larger structure than a turbine; the register above has the facts)farm boundary
Grid connection
from Hafrok’s substation, converter and cable registers
Offshore platforms · 2
Offshore substationMerkur Offshore Substation·in service 2018 · owner Merkur Offshore wind farm owner (farm-owned platform)
HVDC systemDolWin3·900 MW · ±320 kV · in service 2018-Q3 · shared with Borkum Riffgrund 2
Converter supplierGE Vernova (contracted as Alstom Grid; became GE Grid Solutions / GE Grid GmbH)·DolWin3 · Nordic Yards, Warnemünde (Germany) — first steel cut 9 October 2014 · 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
17/18 fields verified · rests on 12 sources (7 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◆ Genehmigung Offshore-Windpark Merkur Off…
“Auf den Antrag der Nordsee Offshore MEG I GmbH ... werden Errichtung und Betrieb von 80 Windenergieanlagen (WEA) einschließlich Nebenanlagen im Bereich der deutschen ausschließlichen Wirtschaftszone (…”
supportsConsentCoordinatesConsent granted
[16]
Bundesnetzagentur — Marktstammdatenregister2026-08-23◆ Marktstammdatenregister (MaStR) offshore…
“Park row "Merkur Offshore": 66 units, 405.9 MW gross, statuses {'In Betrieb': 66}, operators ['Merkur Offshore GmbH'], commissioned 2018-07-23..2019-05-16, planned None..None.”
supportsRegister entry
Operator3
[2]
DEME Group2016◆ Merkur project confirms financial close
“Partners Group, a private markets investment manager, holds a 50% equity share on behalf of its clients, while InfraRed Capital Partners has a 25% equity share, and DEME Concessions Wind, the infrastr…”
supportsFinal investment decision
[4]
DEME Group2019-12-10
“396-MW offshore wind farm located c. 45 kilometres north of Borkum Island in the German North Sea. The project comprising of 66 General Electric ("GE") Haliade-150 6-MW offshore wind turbines was full…”
supportsDistance from shore
[8]
DEME Group2024-01
“water depths ranging from 27 m to 33 m [...] loaded the monopiles and transition pieces in the port of Eemshaven in the Netherlands and transported them offshore.”
supportsFoundationWater depthmarshalling
Trade press7
[3]
offshoreWIND.biz2019-12-10◆ Merkur Offshore Wind Farm to Change Hand…
Press report — cited, not quoted; read it at the source link.
supportsCommercial operationCOD historyTurbinesModelUnit capacity+3 more
[7]
Energy Central2022-12-21◆ Renewable Energy M&A: TRIG acquires an a…
“Following deal completion, Dutch pension managers APG and TRIG will own a 64.3% and 35.7% stake in the project, respectively. The Renewables Infrastructure Group (TRIG) acquired the stake from UK-base…”
supportsowner
[9]
offshoreWIND.biz2017-04-20
Press report — cited, not quoted; read it at the source link.
supportsOffshore constructionSite rights
[10]
offshoreWIND.biz2020-10-13
Press report — cited, not quoted; read it at the source link.
supportsStatusConnection point
[11]
Offshore Wind Biz2016-08-12◆ Amscap Advises Merkur to Financial Close
Press report — cited, not quoted; read it at the source link.
supportsFinal investment decision
[13]
offshoreWIND.biz2018-06-04◆ Merkur Produces First Electricity | Offs…
Press report — cited, not quoted; read it at the source link.
supportsFirst power
[14]