DONG Energy has signed an agreement to sell 50 per cent of the 210MW UK offshore wind construction project Westermost Rough to Marubeni Corporation and UK Green Investment Bank.
At completion of the transaction, Marubeni and UK Green Investment Bank will each acquire a 25 per cent ownership share in Westermost Rough for a total cash consideration of approximately GBP 240 million. 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 approximately GBP 500 million for the construction of the project. Westermost Rough is currently under construction and is the first commercial wind farm to deploy the new Siemens 6.0MW direct drive turbine. The first foundation was installed in February this year and the wind farm is expected to be fully commissioned in the first half of 2015.