Marubeni Corp. says it has entered into an agreement with DONG Energy to acquire a 49.9% stake in the 172 MW Gunfleet Sands offshore wind farm.
Under the agreement, Marubeni will pay DONG Energy a cash consideration of approximately GBP 200 million for the 49.9% stake in the Gunfleet Sands wind project. Completion of the transaction is conditional upon Marubeni's obtaining financing commitments.
The wind farm is located in the Thames Estuary off the U.K.'s Essex coast and produces wind power corresponding to the annual power consumption of some 125,000 British households, Marubeni says. The wind farm began producing some power in August 2009, and the entire wind farm went into production in spring 2010.
DONG Energy will be providing the operation and maintenance services for the offshore wind project under a long-term arrangement. DONG Energy and Marubeni have also agreed on a long-term purchase agreement for the power production and green certificates arising from Marubeni's share of Gunfleet Sands' wind farm. The transmission assets have been sold as part of the general tender process initiated by the U.K. regulator, Ofgem.
Marubeni is also an equity partner in the proposed Atlantic Wind Connection offshore wind transmission project.