Dong Energy to sell 24.8% stake in Walney wind project
(ADPnews) - Dec 20, 2010 - Danish state-owned utility Dong Energy has agreed to sell a 24.8% stake in its 367-MW Walney offshore wind project to Dutch pension fund PGGM and Ampere Equity Fund for GBP 16 million (USD 25m/EUR 19m).
Dong Energy and UK utility Scottish and Southern Energy (LON:SSE) will keep 50.1% and 25.1% interests in the wind farm, respectively, which is under construction off the UK coast, Dong Energy said on Monday.
The Dutch companies will also pay their pro rata share of the project's expenses, estimated to reach GBP 1 billion for the construction of the wind farm, grid connection excluded.
During Walney's 15 years of operations, Dong Energy will buy the share of its Dutch partners in the facility's output under a long-term power purchase agreement, selling it to the market together with the environmental benefits provided by the British government.