DONG Energy to divest stake in German offshore windfarm for €1.17bn
DONG Energy has signed a deal to sell 50% of its stake in the 450MW Borkum Riffgrund 2 offshore windfarm in Germany to Global Infrastructure Partners III (GIP III) for around €1.17bn.
As part of the deal, DONG Energy will also form a 50/50 partnership with GIP to develop the project and offer engineering, procurement, construction, operations, and maintenance services.
Subject to approval, the deal is set to be completed by the end of this year.
GIP is also a 50% partner in DONG Energy’s Gode Wind 1 offshore windfarm, which features 330MW capacity and became operational in June this year.
DONG Energy windpower executive vice-president and CEO Samuel Leupold said: “We’re pleased to be able to build on the partnership we established with GIP in relation to Gode Wind 1 in 2015.
“That partnership has been a success for all parties, and we’re committed to ensuring a similar success in relation to BorkumRiffgrund 2.”
Currently under construction in the German North Sea, Borkum Riffgrund 2 is expected to be fully commissioned by 2019.
The farm will be equipped with 56 MHI Vestas V164-8.0MW wind turbines and will be able to produce enough electricity to power more than 460,000 German households annually.
Image: Offshore substation jacket for Borkum Riffgrund 2 leaving the Schiedam harbour in the Netherlands. Photo: courtesy of DONG Energy A/S.