DONG Energy has signed an agreement to sell 50 per cent of the German offshore wind Borkum Riffgrund 1 to the LEGO Group’s parent company, KIRKBI A/S, and the Oticon Foundation, via its investment company, William Demant Invest A/S for a total sum of DKK 4.7 billion.
When completed Borkum Riffgrund 1 will consist of 77 3.6 MW wind turbines from Siemens Wind Power. KIRKBI participates in the buying consortium with an investment of DKK 3 billion, giving it an ownership interest of 32 per cent. The Oticon Foundation will invest DKK 1.7 billion, giving it an ownership interest of 18 per cent. DONG Energy commits to constructing Borkum Riffgrund 1 offshore wind farm at a fixed price and by a fixed date. KIRKBI and the Oticon Foundation expects to take over the completed offshore wind farm and the earnings that come with their ownership interests on 1 October 2015. Furthermore, DONG Energy has signed a 15-year contract with KIRKBI A/S and William Demant Invest on operation and planned maintenance of the farm. The transaction is subject to approval by the competition authorities. The transaction is expected to be completed in the second quarter of 2012.
When completed Borkum Riffgrund 1 will consist of 77 3.6 MW wind turbines from Siemens Wind Power. KIRKBI participates in the buying consortium with an investment of DKK 3 billion, giving it an ownership interest of 32 per cent. The Oticon Foundation will invest DKK 1.7 billion, giving it an ownership interest of 18 per cent. DONG Energy commits to constructing Borkum Riffgrund 1 offshore wind farm at a fixed price and by a fixed date. KIRKBI and the Oticon Foundation expects to take over the completed offshore wind farm and the earnings that come with their ownership interests on 1 October 2015. Furthermore, DONG Energy has signed a 15-year contract with KIRKBI A/S and William Demant Invest on operation and planned maintenance of the farm. The transaction is subject to approval by the competition authorities. The transaction is expected to be completed in the second quarter of 2012.