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DONG Energy to sell half stake in German offshore wind farm project

Xinhua, September 11, 2015 Adjust font size:

Denmark's energy and utilities company, DONG Energy, on Thursday signed an agreement to divest 50 percent of its Gode Wind 1 offshore wind farm in Germany to the US-based private equity firm Global Infrastructure Partners (GIP).

The total sales price amounts to approximately 780 million euros, which will be paid in the period from 2015 to 2016, DONG energy said in a statement.

As a part of the transaction, GIP will issue a rated project bond to a consortium of renowned German insurance companies led by Talanx, one of the largest German insurance groups.

This transaction is subject to approval by the competition authorities and is expected to be completed in the second half of 2015.

According to the agreement, DONG Energy will finalize the construction of the 330 megawatts Gode Wind 1 project, and apart from operation and maintenance services, it will also provide a route to market for the power production from Gode Wind 1.

Gode Wind 1 and the neighbouring wind farm Gode Wind 2 are expected to be fully commissioned in 2016.

Headquartered in Denmark, DONG Energy produces, trades and distributes energy throughout Northern Europe.

GIP is a leading global, independent private equity infrastructure investment fund that invests in the energy, transport and water/waste sectors and currently manages approximately 16.1 billion U.S. dollars for its investors. Endit