Dong Energy to sell 50% stake in 258MW UK wind farm for £660m

10 February 2016 (Last Updated February 10th, 2016 18:30)

Denmark-based Dong Energy has agreed to sell its 50% stake in 258MW offshore wind farm project Burbo Bank Extension in the UK, for approximately £660m.

Denmark-based Dong Energy has agreed to sell its 50% stake in 258MW offshore wind farm project Burbo Bank Extension in the UK, for approximately £660m.

Danish pension provider PKA and Lego Group’s parent firm Kirkbi have signed an agreement to acquire the interest in the Burbo Bank Extension project, which will be developed by Dong.

Under the deal, each investor will own a 25% owner stake in the project.

Dong Energy CEO Henrik Poulsen said: "I am delighted to welcome the Lego Group and PKA to a new partnership with Dong Energy.

"Both (Lego Group and PKA) are already trusted partners in other Dong Energy offshore wind projects and we are proud to be able to build on these existing, successful partnerships."

"Both of them are already trusted partners in other Dong Energy offshore wind projects and we are proud to be able to build on these existing, successful partnerships."

Construction on the project is slated to begin in the spring of this year, and is expected to become fully operational in the first half of 2017.

The project will comprise of 32 turbines and is claimed to be the first large-scale wind farm to deploy the new MHI Vestas 8.0MW turbine.

Once operational, the wind farm will supply electricity to around 230,000 households per year.

As part of a long-term agreement, Dong will offer operation and maintenance services for the project.

The firm will also take responsibility for the sale and delivery of the electricity, which is generated by PKA and Kirkbi.

Lego Group president and CEO Jørgen Vig Knudstorp said: "This investment is another substantial step for the Lego Group towards balancing our global energy consumption with renewable energy capacity."