DONG Energy says it has acquired a 100% ownership interest in three offshore wind farms in Germany – Gode Wind 1, 2 and 3 – from PNE Wind AG. The three projects have a total capacity of up to 900 MW and are located in the German North Sea, approximately 30 km northwest of the island of Norderney.
The purchase price for the three projects consists of an up-front payment of 57 million euros and additional deferred payments that are subject to the achievement of certain milestones, such as an investment decision to construct the wind farms, DONG Energy explains. The additional deferred payments total 100 million euros.
Gode Wind 1 and 2 both have a permit from German authorities that allows for the construction and operation of the projects. However, certain changes to the permits are required in order for the total capacity of the projects to be utilized, DONG Energy says.
Gode Wind 1 and 2 have unconditional grid connection confirmation from the grid operator, TenneT, for a total of 584 MW, and Gode Wind 3 has applied for a permit to construct and operate the projects; that permit is expected to be granted in 2013. Completion of the Gode Wind 3 transaction is conditional upon the relevant permits being obtained by the end of January 2014.
No investment decision has been made by DONG Energy with respect to the three projects.