Germany

Germany

Dong sells Borkum Riffgrund 2 stake

GERMANY: Dong Energy has sold a 50% stake in the 450MW Borkum Riffgrund 2 offshore wind project to investment firm Global Infrastructure Partners.

Borkum Riffgrund 2 is under construction in the North Sea
Borkum Riffgrund 2 is under construction in the North Sea

Continuing its business case of selling up to half its offshore assets, Dong said the latest divestment will raise €1.17 billion, causing it to increase its Ebitda guidance for 2017.

The world's leading offshore wind developer said it now expects Ebitda to reach €17-19 billion, up from a previous estimate of €15-17 billion.

It is the second time GIP has acquired a stake in a Dong Energy offshore wind project. In September 2015, the firm bought 50% of the nearby 330MW Gode Wind 1 site for €780 million.

Borkum Riffgrund 2 is under construction 34 kilometres off the German North Sea coast. It will comprise 56 MHI Vestas V164-8MW turbines when it is completed in 2019.

Dong is set to announce its second quarter results on Thursday (10 August). The first quarter earnings were down by almost a half compared to 2016, totalling DKK 3.29 billion (€442 million).

Company CFO Marianne Wiinholt said the fall was due to "lower partnership gains".

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