Consortium Acquires 50% Stake In Offshore Wind Project

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A consortium consisting of PensionDanmark and PKA has signed an agreement with DONG Energy for the acquisition of 50% of the Anholt offshore wind farm for approximately 6 billion Danish krone. PensionDanmark is the lead investor in the consortium and will acquire a 30% interest, while PKA will acquire a 20% interest.

PensionDanmark and PKA will pay the purchase price in four installments beginning at the end of this year, with the last installment due at the end of 2013. The installments represent 14%, 30%, 31% and 25%, respectively, of the purchase price.

DONG Energy has committed to constructing the project, located off the coast of Denmark, at a fixed price and by a fixed date. PensionDanmark and PKA are expected to take over responsibility for operation on April 1, 2014. Until that date, production will primarily accrue to DONG Energy.

DONG Energy has signed a 15-year contract with PensionDanmark and PKA for the operation and planned maintenance of the farm.

SOURCE: DONG Energy

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