E.ON has agreed to sell an 80 per cent stake in its 207MW Rödsand II offshore wind farm to the Danish energy company SEAS-NVE.
The transaction values the wind farm at DKK 3.5 billion ( €470 million) on a 100 per cent enterprise basis. At closing, a loan of DKK 2.1 billion (€280 million) will be taken out by the wind farm company and the proceeds remitted to E.ON. SEAS-NVE will then purchase 80 per cent of the equity for DKK 1.1 billion (€150 million). As a result the total cash proceeds for E.ON will be DKK 3.2 billion (€430 million). E.ON will retain a 20 per cent stake and will remain the operator for the remaining lifetime of the wind farm. The final transaction is subject to regulatory approval from the Danish Energy Agency and EU merger control clearance. The deal is expected to close around the end of the year.