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Dong Energy to sell stake in German offshore wind project

CTBR Staff Writer Published 18 July 2014

Dong Energy has agreed to sell 50% of its stake in a German offshore wind farm project to a consortium of Danish pension funds.


The funds, PKA, Industriens Pension, Laerernes Pension and Laegernes Pensionskasse, will pay Dong Energy about €600m for half of the 252MW Gode Wind 2 project.

The amount will be paid from the period 2014 to 2016 and construction at Gode 2 is anticipated to start in 2015 with full commissioning planned for 2016.

Planned to be built in the German part of the North Sea, about 45km off the Germany's north-western coast, the Gode Wind 2 project will supply enough electricity for over 260,000 households annually.

Dong Energy will provide operation and maintenance services for the project and offer a route to market for the energy produced.

The transaction, which is subject to regulatory approval, is anticipated to close in the second half of 2014.

Dong Energy Wind Power EVP Samuel Leupold said: "We are very pleased to enter into an offshore wind partnership with PKA for the second time and at the same time welcome the other Danish pension funds, which we have not partnered with before, as co-owners to Gode Wind 2.

"By 2020 we want to have tripled our installed capacity of offshore wind compared to the 2.2 GW we have built today."

PKA CEO Peter Damgaard Jensen said: "Gode Wind 2 is the fourth offshore wind farm that PKA invests in and the four wind farms will provide power to more than 1.8 million households."

Image: The Danish pension funds will pay Dong about €600m for half of the 252MW Gode Wind 2 project. Photo: Courtesy of Dong Energy.