DONG Energy has signed an agreement to sell 50 per cent of the 252 MW German offshore wind farm project Gode Wind 2 to a consortium of Danish pension funds (PKA, Industriens Pension, Lærernes Pension and Lægernes Pensionskasse).
The total sales price amounts to approximately € 600 million, which will be paid in the period from 2014 to 2016. At completion of the transaction, PKA will, acquire 24.75 per cent of Gode Wind 2, with Industriens Pension acquiring 10.5 per cent, Lærernes Pension 8.75 per cent and Lægernes Pensionskasse 6 per cent. Construction of Gode Wind 2 is expected to commence in 2015, and full commissioning for this and the neighbouring wind farm Gode Wind 1 is expected in 2016. The parties have agreed that DONG Energy will provide operation and maintenance services to Gode Wind 2 from DONG Energy’s O&M base in Norddeich. Furthermore, the parties have agreed that DONG Energy will provide a route to market for the power production of Gode Wind 2. The transaction is expected to be completed in the second half of 2014.
