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Dong Energy A/S to sell stake in Westermost Rough offshore wind farm to Marubeni Corp and UK Green Investment Bank and establish joint venture

Monday, 31 Mar 2014 03:05am EDT 

Dong Energy A/S:Says it has signed an agreement to sell 50 pct of the 210 megawatt United Kingdom offshore wind construction project Westermost Rough to Marubeni Corp and UK Green Investment Bank.Completion of the transaction, Marubeni and UK Green Investment Bank will each acquire 25 pct ownership share in Westermost Rough for a total cash consideration of about 240 mln pounds (2,100 mln Danish crowns).After the joint venture has been established all shareholders will contribute on a pro rata basis to future funding and sharing of the risks related to the construction of the project.In aggregate Marubeni and UK Green Investment Bank will commit total funds of about 500 mln pounds (4,500 mln Danish crowns) for the construction of the project.Completion of the transaction will take place shortly after signing.Parties have agreed that DONG Energy will provide operation and maintenance services to Westermost Rough under a long-term agreement from DONG Energy’s O&M base in Grimsby.Parties have also agreed that DONG Energy will provide a route to market for the power production and green certificates arising out of Marubeni’s and UK Green Investment Bank’s combined 50 pct ownership interest.Westermost Rough located eight kilometers off the Yorkshire Coast, east of Hull in the United Kingdom, will consist of 35 turbines from Siemens Wind Power, each of 6.0 megawatt, with a total capacity of 210 megawatt. 

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19 Dec 2014