DONG Energy sells 50% stake in offshore wind project

DONG Energy is selling 50% of its interest in an offshore wind farm in Germany. The 450MW Borkum Riffgrund project is currently under construction and is expected to be fully […]

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By Priyanka Shrestha

DONG Energy is selling 50% of its interest in an offshore wind farm in Germany.

The 450MW Borkum Riffgrund project is currently under construction and is expected to be fully commissioned in 2019.

Global Infrastructure Partners (GIP) is buying the 50% share for €1.17 million (£1.05m), which is payable until 2019.

The offshore wind farm will consist of 56 turbines and is expected to produce enough electricity to power more than 460,000 German households every year.

It is also a 50% partner in DONG Energy’s Gode Wind 1 offshore wind farm in Germany.

DONG Energy will build the wind farm and provide long term operations and maintenance services for as well as a route to market for the power production.

The transaction is subject to approval by the competition authorities and is expected to be completed before the end of 2017.

Earlier this year, DONG Energy won a deal to build two large wind farms in the German North Sea with no government subsidies.