PKA sells interest in 288-MW Butendiek offshore wind park

Danish pension funds manager PKA A/S said today it has agreed to sell its 22.5% stake in the 288-MW Butendiek wind farm in German waters to a consortium led by Japanese trading house Itochu Corp (TYO:8001).

PKA has sold the minority stake for nearly DKK 1 billion (USD 140.3m/EUR 134.5m), which is more than twice the sum it invested in the project. This means that PKA has achieved an annual return of about 25% for its members.

PKA’s CEO Peter Damgaard Jensen said that the company usually keeps its investment in such assets over their entire life, typically 25 years, but in this case saw an opportunity to realise a substantial profit for its members. In view of this gain, the company plans to continue investing in alternative energy assets, including in another offshore wind project, Jensen added.

The transaction is pending clearance from the competition authority.

PKA acquired its Butendiek interest in 2013. The wind park, consisting of 80 units of Siemens’ 3.6-MW turbines, was fully commissioned in August 2015. The group of companies that invested in Butendiek also includes Wpd AG and Siemens Financial Services.

(DKK 1.0 = USD 0.140/EUR 0.135)

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