Borssele 3 & 4
Located 22km off Westkapelle, Zeeland. Connected via TenneT Borssele Beta offshore substation.
Status
Operationallifecycle stage
Ownership
Shell — 20% ◆SLSwiss Life Asset Managers — 20% ◆
ININPEX — 15% ◆
Nuveen Infrastructure — 15% ◆
Eneco — 10% ◆LULuxcara — 10% ◆
OGOctopus Energy Generation — 10% ◆
Location
NetherlandsNorth Sea
Technology
Capacity
731.5 MW ◆
Turbines
77 × 9.5 MW ◆
Model
Mhi Vestas V164 9-5 ◆
Foundation
Monopile ◆
Site & conditions
Site rights
Seabed rights held ∴
Origination
Borssele Wind Farm Sites III & IV · 2016 ·
Water depth
16–38 m ◆
Distance from shore
22 km ◆
Wind speed
9.7 m/s @ 150 m ≈
Revenue & grid
Offtake
Premium · €54.49/MWh ◆
Grid
Secured · 2016-03-24 ◆
Connection
TenneT Borssele Beta offshore substation ◆
Schedule
FID
Jun 2018 ◆
COD
6 Jan 2021 ◆
Project timeline & ownership verified milestones on the spine · ownership from Hafrok’s transactions record
Origination · 2016-12
Borssele Wind Farm Sites III & IV
- Awarded to
- Blauwwind II c.v. (Eneco, Diamond Generation/Mitsubishi, Shell, Van Oord)
- Basis
- integrated tender
Founding JV · 2016-12
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.
Evidence
- vanoord.com — Consortium excited with winning tender for Borssele III & IV ↗ 2016-12 ◆ held
- news.eneco.com — Blauwwind Consortium reaches Financial Close on Borssele III/IV ↗ 2016-12 ◆ held
From the auction results — the round that created the project; founding JV from Hafrok’s transactions record.
JV entry · 2018-01
Shell / Eneco / Diamond Generating Europe / Van Oord → Partners Group 45%
- Stake
- 45%
- Consideration
- €300m
- Implied 100% value
- €667m
- Implied
- €0.91m / MW
- Announced
- 2018-01
- Closed
- 2018-06
- Project stage
- pre-FID
Partners Group acquired 45% across the original consortium sponsors (portions from Shell, Eneco, DGE/Mitsubishi and Van Oord) for approximately EUR 300m (~USD 375m) in January 2018. Post-acquisition structure: Partners Group 45%, Shell 20%, DGE/Mitsubishi 15%, Eneco 10%, Van Oord 10%. Financial close of the EUR 1.439bn project reached 28 June 2018. Stage at close: fid (financial close same month as deal close). Implied project value based on EUR 300m / 45%.
Evidence
- partnersgroup.com — Press Releases ↗ 2018-01 ◆ held
From Hafrok’s transactions record
Secondary trade · 2021-12
Van Oord → Luxcara 10%
- Stake
- 10%
- Consideration
- not disclosed
- Announced
- 2021-12
- Project stage
- operational
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%.
Evidence
From Hafrok’s transactions record
Secondary trade · 2021-12
Diamond Generating Europe (Mitsubishi) → INPEX 15%
- Stake
- 15%
- Consideration
- not disclosed
- Announced
- 2021-12
- Closed
- 2022-03
- Project stage
- operational
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.
Evidence
- inpex.com — Borssele Ⅲ/Ⅳ Offshore Wind Farm Project ↗ 2021-12 ◆ held
From Hafrok’s transactions record
Secondary trade · 2022-09
Partners Group → Swiss Life Asset Managers 20%
- Stake
- 20%
- Consideration
- not disclosed
- Announced
- 2022-09
- Closed
- 2022-11
- Project stage
- operational
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.
Evidence
From Hafrok’s transactions record
Secondary trade · 2023-07
Partners Group → Nuveen Infrastructure (Glennmont Partners) 15%
- Stake
- 15%
- Consideration
- not disclosed
- Announced
- 2023-07
- Project stage
- operational
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%.
Evidence
- glennmont.com — Glennmont Partners ↗ 2023-07 ◆ held
- realassets.ipe.com — Nuveen’s PMT-backed fund takes stake in Borssele III & IV offshore wind farm - News ↗ 2023-07 ◆ held
From Hafrok’s transactions record
Secondary trade · 2023-09
Partners Group → Octopus Energy Generation 10%
- Stake
- 10%
- Consideration
- not disclosed
- Announced
- 2023-09
- Closed
- 2024-02
- Project stage
- operational
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.
Evidence
- octopus.energy — Octopus Energy makes a splash with investment in one of Europe’s largest wind farms ↗ 2023-09 ◆ held
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: 2021→2021-01-06 · 2 recorded revisions · pulled forward -0.5 yr (first announced 2021)
Revenue & offtake contract duration and price levels · money of the day
732 MW contracted — tender award
● Tender award · Borssele Wind Farm Sites III & IV
Price€54.5/MWh ·Capacity731.5 MWAwardedDec 2016Term15 yrs
Installation how the build is going · from satellite counts and Hafrok’s registers
Satellite installation tracker
counted from satellite radar images · a structure standing in the sea on a given date, not a turbine producing power · a guide, not a sourced fact
Installation · counted from satellite
Foundations76 of 77≈99% · first seen 2019-10-28
Turbines76 of 77≈99% · first seen 2020-03-30
Latest count2022-12-30from 740 satellite passes · 1 substation platform left out so the counts compare with the turbine number · the count has ended: the build is complete
Hafrok counts foundations and turbines from satellite radar images (≈): a structure is counted once it is seen standing in the sea, which is not the same as producing power. A structure first seen in the last 60 days is not yet confirmed, because on a single image a freshly set foundation and a ship holding position look alike. Substation platforms are left out so the counts compare with the number of turbines. Rows marked with a dot (·) come from Hafrok’s own registers; a supplier or contract appears only where a source states it — everything else reads “not recorded”, never guessed.
Structures standing over time · count
strong line = confirmed · light line = seen in the last 60 days, not yet confirmed · the chart counts every structure (77 turbines + 1 platform); the table counts turbines only
foundationsturbines up (a substation top being set in place counts here too)
Satellite image
Image taken2026-09-07≈Copernicus Sentinel-1 radar satellite, northbound pass
Farm covered100%≈the whole farm lies inside the image
Structures ringed77 confirmed · 0 not yet confirmed≈as counted on 2022-12-30 · the image is newer than the count, so a bright spot without a ring may be a structure not yet counted
Construction ports
PortPort of Vlissingen ∅·quay 1740 m · crane 1200 t
Contains modified Copernicus Sentinel data 2026, processed by ESA and by Microsoft Planetary Computer.
Latest satellite radar image · 2026-09-07
a radar picture, not a photograph: the sea is dark, steel is bright · black is beyond the edge of the image
confirmed structure (77)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 · 1
Offshore substationBorssele Beta·in service 2020 · owner TenneT (Dutch TSO)
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
14/18 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]
RVO (Netherlands Enterprise Agency)2016-12◆ RVO Borssele III & IV results
“Blauwwind II c.v., a consortium of Eneco, Diamond Generation Europe (100% subsidiary of Mitsubishi Corporation), Shell and Van Oord is the winner of the tender and subsidy and permits for Borssele Win…”
supportsTurbinesModelUnit capacityTotal capacityMechanism+1 more
[2]
RVO (Netherlands Enterprise Agency)2016◆ Borssele Wind Farm Zone Sites III and IV…
“The BWFZ of approximately 344 km2 (235 km2 excluding maintenance and safety zones) is located 22.2 km from shore (12 nautical miles) and is sub-divided into five sites. Water depth is approximately 16…”
supportsFoundationStatusConnection pointWater depthDistance from shore
Operator3
[3]
Minister van Economische Zaken (Netherlands)2016-03-24◆ Kavelbesluit III windenergiegebied Borss…
“Kavelbesluit III windenergiegebied Borssele (BWBR0037811). Windpark met een totaal opgesteld vermogen van minimaal 322 MW tot maximaal 360 MW. 's-Gravenhage, 24 maart 2016.”
supportsConsentConsent granted
[4]
Minister van Economische Zaken (Netherlands)2016-03-24◆ Kavelbesluit IV windenergiegebied Borsse…
“Kavelbesluit IV windenergiegebied Borssele (BWBR0037800). Windpark met een totaal opgesteld vermogen van minimaal 342 MW tot maximaal 380 MW. 's-Gravenhage, 24 maart 2016. De verbinding tussen het win…”
supportsConsentStatusConnection pointConsent granted
[13]
Eneco (on behalf of the Blauwwind consortium)2021-02-18◆ Offshore windfarm Borssele III&IV now fu…
“Offshore windfarm Borssele III&IV, located in the North Sea before the Dutch coast, is now fully operational, the Blauwwind consortium of shareholders will announce during a festive (online) ceremony …”
supportsCommercial operationCOD history
OEM1
[5]
MHI Vestas / Vestas (joint press release on behalf of Blauwwind consortium)2018-06-28◆ Blauwwind Consortium Reaches Financial C…
“The Blauwwind Consortium has reached financial close on Borssele III/IV. The project will have 77 V164 9.5 megawatt (MW) turbines produced by MHI Vestas, with a total installed capacity of 731.5 MW. P…”
supportsFinal investment decisionOnshore constructionStrike / price
Auction results1
[14]
Overheid.nl (wetten.overheid.nl)2016◆ nl-regeling-borssele-3-4
Regeling windenergie op zee 2016 — the tender rulebook (rung-2 allocation regulation) for Borssele III & IV. SDE+ subsidised round ("subsidies" under SDE+). Auction regulatory corpus.
supportsTender award · Borssele Wind Farm Sites III & IV
Trade press5
[6]
offshoreWIND.biz2020-08-07
Press report — cited, not quoted; read it at the source link.
supportsFirst power
[7]
offshoreWIND.biz2021-02-16
Press report — cited, not quoted; read it at the source link.
supportsCommercial operation
[10]
IPE Real Assets2023-09
Press report — cited, not quoted; read it at the source link.
supportsoperatorowner
[11]
4C Offshore2026-07-02
Press report — cited, not quoted; read it at the source link.
supportsCoordinates
[12]