Gulf Energy Development Public Company Limited (SET: GULF) announced that Gulf International Holding Pte. Ltd. (GIH) (a subsidiary) has entered into a Shareholders’ Agreement and Share Purchase Agreement with Neptune1 Infrastructure Holdings Pte. Ltd. (Neptune1), a joint venture company of Keppel Infrastructure Trust and Keppel Renewable Investments under Keppel Corporation Limited (Keppel Group) to divest a 50.01% equity stake in Borkum Riffgrund 2 Investor Holding GmbH (BKR2 Holding) at the price of EUR 305 million.
GULF stated that on December 22, 2022, Neptune1 and GIH fulfilled all conditions precedent under the Agreements. As such, GIH has transferred shares in BKR2 Holding to Neptune1 and has received the sales proceeds, resulting in the reduction of GIH’s shareholding in BKR2 Holding from 100.00% to 49.99%, and the reduction in GIH’s indirect shareholding in Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co. oHG (“BKR2 Project”) from 50.00% to 24.99%.