Danish wind energy giant DONG Energy has divested 50% of the 330 MW German Gode Wind 1 offshore wind construction project to Global Infrastructure Partners.
DONG Energy announced Thursday that it had signed an agreement to divest 50% of the 330 MW German offshore wind construction project Gode Wind 1 to Global Infrastructure Partners (GIP), a leading global and independent private equity infrastructure investment fund.
The agreement calls for GIP to pay approximately €780 million ($879 million), as well as issue a rated project bond to a consortium of German insurance companies. The transaction is expected to be completed in the second half of 2015, subject to approval by the competition authorities.
“I’m delighted about this partnership and it is a great pleasure to welcome GIP as a partner of DONG Energy,” said Samuel Leupold, Executive Vice President of DONG Energy Wind Power. “I am also very excited about the evolution of DONG Energy’s market leading partnership model to facilitate this innovative long term investment by German institutional investors into the offshore wind sector for the first time.”
“We are delighted to be forming this strategic partnership with DONG Energy, a recognised leader in the energy sector and a pioneer in the development and operation of offshore wind farms,” added Adebayo Ogunlesi, Chairman and Managing Partner of GIP. “This transaction builds on GIP’s considerable experience in the renewable space and is in line with our strategy of partnering with industry leaders. We are pleased to bring GIP’s added-value investment model to the promising market for offshore wind projects.”
DONG Energy will finalize completion of the project, and will continue to provide operation and maintenance service to Gode Wind 1.
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