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Danish pension funds invest £2b in offshore wind farm
NOVEMBER 1, 2017

Danish pension funds invest £2b in offshore wind farm

by Released

Ørsted has signed an agreement to sell 50 percent of Walney Extension, a 659-megawatt U.K. offshore wind farm project, to a consortium consisting of PKA and PFA, two leading Danish pension funds.

Each investor will obtain a 25 percent ownership interest in the project.

The total sales price comprises the acquisition of a 50 percent ownership share and the commitment to fund 50 percent of the payments under the EPC contract for the entire wind farm (including the transmission assets), and amounts to approximately £2 billion ($2.7 billion), which will be paid during 2017 and 2018.

Walney Extension, which is currently under construction, will be the world’s largest offshore wind farm when commissioned in the second half of 2018.

Ørsted will construct the wind farm under a full-scope EPC contract. Ørsted will also provide long-term operations and maintenance services from its O&M base in Barrow-in-Furness and provide a route to market for the power generation from Walney Extension.

 

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