United Kingdom

United Kingdom

Dong sells Westermost share for EUR290m

UK: Japanese bank Marubeni and the UK Green Investment Bank has agreed to acquire 50% of the 210MW Westernmost Rough UK offshore project from Dong Energy for £240 million (EUR 290 million).

The project is set to use Siemens 6MW turbine
The project is set to use Siemens 6MW turbine

The wind farm, which is located in the English North Sea, is currently under development. It will be co-owned by Dong, Marubeni and the GIB with the latter two committing £500 million to the project's construction.

Additionally, the project's risk will also be shared equally between the three owners. Dong's policy in recent years is to bring in minority shareholders for its offshore projects to share the risks while allowing the Danish utility full control.

Last month, the first foundation was installed at the project. The project's 6MW Siemens turbine are set for delivery in the summer, with the project expected to be commissioned in the first half of 2015.

In a statement, Dong executive vice president Samuel Leupold said: "The agreement with Marubeni and UK Green Investment Bank is a major step for DONG Energy’s partnership model. We have been able to enter into a shared construction risk partnership and at the same time we have locked-in significant value creation from the transaction.

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