DONG Energy has inked a deal to sell 50% of the 252 MW Gode Wind 2 offshore wind project, located in the German North Sea, to a consortium of Danish pension funds.
The total sales price amounts to approximately EUR 600 million, which will be paid between this year and 2016. Under the transaction, pension fund PKA will acquire 24.75% of Gode Wind 2, with Industriens Pension acquiring 10.5%, Laerernes Pension 8.75% and Laegernes Pensionskasse 6%.
Construction of Gode Wind 2 is expected to commence in 2015, with full commissioning of the project and neighboring wind farm Gode Wind 1 slated for 2016. The parties have agreed that DONG Energy will provide operations and maintenance services to Gode Wind 2 upon completion.
Samuel Leupold, executive vice president of DONG Energy's wind power business, comments, "By 2020, we want to have tripled our installed capacity of offshore wind compared to the 2.2 GW we have built today. Today's agreement enables us to free up capital to continue our investment program and thereby assists us in reaching this target."
The transaction is subject to approval by the relevant competition authorities.