Published: 02 September 2011 02 September 2011
Marubeni Corporation has entered into an agreement with DONG Energy whereby Marubeni acquires a 49.9% stake in the 172MW Gunfleet Sands offshore wind farm.
Marubeni will pay to DONG Energy a cash consideration of approximately GBP 200 million for the 49.9% stake in Gunfleet Sands. Completion of the transaction is conditional on, inter alia, Marubeni obtaining financing commitments from project financing banks. Completion is expected to take place during Q4 2011. DONG Energy will be providing operation and maintenance services to Gunfleet Sands under a long-term arrangement. DONG Energy and Marubeni have also agreed a long-term purchase agreement for the power production and green certificates arising from Marubeni's share of Gunfleet Sands' wind farm.