A turbine at Walney Extension offshore wind farm. Source: DONG Energy (UK) Ltd (www.dongenergy.co.uk).
Danish utility Ørsted A/S (CPH:ORSTED), formerly Dong Energy A/S, said today it has wrapped up the sale of a 50% stake in the 659-MW Walney Extension offshore wind project to pension funds PKA and PFA.
Ørsted unveiled the deal at the very start of the month, saying that the total sales price amounts to GBP 2 billion (USD 2.64bn/EUR 2.26bn) and takes into consideration PKA and PFA’s commitments to fund 50% of the payments under the engineering, procurement and construction (EPC) contract for the entire wind park.
Today, Ørsted reiterated that the acquisition price will be paid in 2017, while the EPC contract payments will be made both this and next year. Each of PKA and PFA has now taken a 25% stake in the project.
Walney Extension is currently being built in the Irish Sea, about 19 km from the Walney Island coast in Cumbria. Upon completion in the second half of next year, the park’s 87 wind turbines will be generating enough power to supply over 500,000 homes a year.