2022 Consortium becomes sole shareholder of Veja Mate wind farm
- Editorial
- 31 Jul, 2026
In 2019, a consortium formed by Commerz Real, Ingka Group, KGAL and ALH Group bought 80% of the shares and became the major shareholder in the 402 MW Offshore Project “Veja Mate”. The consortium has recently acquired the remaining 20% of the shares from Siemens Project Ventures. "We would like to thank Siemens Project Ventures. Since the beginning of this unique project Siemens Project Ventures have proven itself as a competent and reliable partner and have played an important role in ensuring a successful cooperation. At the same time, we are pleased with the confidence the consortium has placed in our company and we are convinced to find all answers required to future challenges and providing significant value for our stakeholders” Managing Director, Veja Mate.
Veja Mate is a 402 MW, 1,9 bn EUR offshore wind project owned by the VM Offshore Beteiligungsgesellschaft mbH. The wind farm is located about 95 km NW from Borkum Island and is producing over 1,6 TWh of green, renewable electricity annually.
Background of the Veja Mate Offshore Wind Project
Veja Mate was developed as a flagship offshore wind project in the German North Sea, contributing significantly to the country's renewable energy targets. The wind farm comprises 67 Siemens SWT-6.0-154 turbines, each with a capacity of 6 MW, resulting in a total installed capacity of 402 MW. Construction began in 2016, and the project reached full commercial operation in 2017. The site is located approximately 95 kilometers northwest of Borkum Island, in water depths ranging from 39 to 41 meters, presenting both engineering challenges and opportunities for innovation.
From its inception, Veja Mate was designed to deliver clean energy at scale, generating over 1.6 TWh of green electricity annually—enough to power approximately 450,000 German households. The project also plays a vital role in reducing carbon emissions, offsetting an estimated 1.2 million tonnes of CO2 per year compared to fossil fuel generation. These achievements underscore the strategic importance of Veja Mate within the broader energy transition.
The ownership structure has evolved over time, reflecting confidence in the asset's performance and long-term value. Initially, Siemens Project Ventures held a minority stake alongside other investors. The 2019 acquisition of 80% by the consortium of Commerz Real, Ingka Group, KGAL, and ALH Group marked a new chapter, bringing together institutional investors with deep expertise in infrastructure and sustainable assets. The recent purchase of the remaining 20% from Siemens Project Ventures consolidates full ownership under the consortium, streamlining decision-making and reinforcing the partners' commitment to the project's future.
Strategic Rationale for Full Ownership
The decision by the consortium to acquire the remaining 20% of shares from Siemens Project Ventures reflects a strategic alignment among the investors. Full ownership simplifies governance, enabling more agile responses to operational and market developments. For Commerz Real, Ingka Group, KGAL, and ALH Group, Veja Mate represents a stable, long-term cash-generating asset with predictable revenues underpinned by the German Renewable Energy Act (EEG) feed-in tariff.
Each consortium member brings unique strengths. Commerz Real, as the asset manager of Commerzbank, contributes extensive experience in real assets and renewable infrastructure. Ingka Group, the largest IKEA franchisee, has committed to producing more renewable energy than it consumes by 2030, making Veja Mate a cornerstone of its sustainability strategy. KGAL, a leading independent investment and asset manager, specializes in European infrastructure and renewable energy funds. ALH Group, a family-owned investment firm, adds long-term patient capital. Together, they form a robust ownership base aligned on operational excellence and environmental stewardship.
This consolidation also mitigates potential conflicts of interest and aligns all stakeholders toward common goals: maximizing energy yield, maintaining high safety standards, and extending the asset's life through proactive maintenance and technological upgrades. The consortium's full ownership is expected to enhance value creation for all parties, including local communities and the environment.
Operational Excellence and Technical Performance
Since achieving full commercial operation, Veja Mate has consistently performed at high availability levels, often exceeding 95%. The wind farm benefits from strong wind resources in the North Sea, with average wind speeds of approximately 10 meters per second at hub height. The Siemens SWT-6.0-154 turbines are specifically designed for offshore conditions, featuring a 154-meter rotor diameter and a swept area of 18,600 square meters, optimizing energy capture even in moderate winds.
Maintenance and operations are conducted from the service base in Emden, Germany, utilizing crew transfer vessels and, when necessary, service operation vessels for major component replacements. The project employs advanced condition monitoring systems that predict potential failures before they occur, reducing downtime and maintenance costs. Remote monitoring from the control center ensures real-time data analysis and rapid response to any anomalies.
The offshore substation, installed in 2016, collects power from the turbines and transforms it to high voltage for transmission to shore. The grid connection to TenneT's BorWin2 converter platform enables efficient HVDC transmission, minimizing losses over the long distance to the mainland. This infrastructure has proven reliable, with minimal forced outages, contributing to the project's strong operational track record.
Environmental and Community Impact
Veja Mate's contribution to climate protection is substantial. By generating 1.6 TWh of clean electricity annually, the wind farm avoids approximately 1.2 million tonnes of CO2 emissions each year, equivalent to removing over 260,000 cars from the road. This aligns with Germany's Energiewende goals and the European Union's Green Deal objectives.
Beyond carbon savings, Veja Mate has implemented measures to minimize its ecological footprint. During construction, noise mitigation techniques such as bubble curtains were used to protect marine mammals during pile driving. The project also supports scientific research on offshore wind impacts, collaborating with universities and environmental organizations to monitor bird and marine life populations. These efforts demonstrate a commitment to responsible development.
Economically, the wind farm has created jobs in the region, both during construction and ongoing operations. Local suppliers in Emden and surrounding areas benefit from service contracts, while the project contributes to the local tax base. The consortium's ownership ensures continued investment in community engagement and environmental stewardship, reinforcing the social license to operate.
Future Outlook and Industry Context
The full ownership by the consortium positions Veja Mate for long-term success in an evolving energy market. As Germany phases out nuclear and coal power, offshore wind will play an increasingly critical role in ensuring energy security and affordability. Veja Mate's proven performance and stable regulatory framework provide a solid foundation for future value creation.
Technological advancements, such as digital twins and predictive analytics, are being explored to further optimize operations and extend turbine life. The consortium may also consider repowering options in the future, potentially increasing capacity and efficiency. Additionally, the growing demand for corporate power purchase agreements (PPAs) offers opportunities to secure long-term revenue beyond the feed-in tariff period.
Industry-wide, offshore wind costs have declined significantly, making projects like Veja Mate increasingly competitive. The consortium's full ownership allows it to capture these benefits directly, reinvesting in the asset and exploring new opportunities in the renewable space. As the energy transition accelerates, Veja Mate stands as a model of successful collaboration between institutional investors and sustainable infrastructure.
Related News and Milestones
Veja Mate's journey from development to full ownership includes several key milestones documented in our Press Releases section. Highlights include the groundwork launch in February 2016, the installation of the offshore substation in September 2016 (Veja Mate Offshore Project Installs OSS), and the grid connection by TenneT in December 2016 (TenneT connects offshore wind farm Veja Mate to grid connection BorWin2). These milestones reflect the project's successful execution and the collaborative efforts of all partners.
For more information about Veja Mate's operations, environmental initiatives, and media resources, please visit our Media page. We remain committed to transparency and open communication with all stakeholders as we continue to deliver clean energy and value for years to come.