Dong to shed 50% in 252-MW wind project in German waters

Jul 17, 2014 - Denmark’s Dong Energy A/S said today it will sell a 50% interest in the 252-MW Gode Wind 2 offshore wind project to a group of Danish pension funds for some EUR 600 million (USD 812m).

The consortium of buyers includes PKA, Industriens Pension, Laerernes Pension and Laegernes Pensionskasse. PKA will own 24.75% in the scheme, while Industriens Pension and Laerernes Pension will hold 10.5% and 8.75%, respectively. Laegernes, in turn, will have 6%.

Gode Wind 2 is expected to enter the construction phase next year off the coast of Germany and to be commissioned in 2016 together with the 330-MW Gode Wind 1 offshore wind scheme. Dong Energy will be providing operation and maintenance (O&M) services to Gode Wind 2 once it is constructed. ”By 2020 we want to have tripled our installed capacity of offshore wind compared to the 2.2 GW we have built today,” said Samuel Leupold, executive vice president of Dong Energy Wind Power.

The stake sale is awaiting regulatory clearance. Its completion is scheduled for the second half of the year.

Including this transaction, PKA has investments in four offshore wind parks that have the capacity to generate enough electricity for over 1.8 million homes.

(EUR 1.0 = USD 1.353)

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