Denmark

Denmark

Dong divests ownership interest in Stadtwerke Lübeck

DENMARK: Dong Energy is selling its 25.1% stake in Stadtwerke Lübeck, a major shareholder of the 165.6MW Nysted offshore wind farm.

The initial sales process has been finalised, with the ownership interest being acquired by Stadtwerke Aachen AG (STAWAG) for €42.3m. The transaction is part of Dong Energy's plan to divest non-core activities.

Stadtwerke Lübeck holds a 7.25% stake in Nysted. Dong Energy owns 42.75% and PensionDanmark 50%. Nysted is notable as one of the first to receive investment from a pension fund.

In 2010 PensionDanmark, the fourth largest pension fun in Denmark, bought  30% of the equity from Dong Energy for a cash consideration of DKK0.4 billion. At the same time, Dong cquired E.ON’s 20% share and resold it to PensionDanmark at a price of DKK0.3 billion.

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