Transactions - AUGUST 7, 2017

Dong sells half-stake of Borkum Riffgrund 2 for €1.17b

by Andrea Waitrovich

Denmark-based Dong Energy has agreed to sell half of its 450-megawatt Borkum Riffgrund 2 offshore wind project in the German North Sea to Global Infrastructure Partners, in a deal worth €1.17 billion ($1.38 billion).

Located 37 miles north of the German coastline, and 20 miles north of the island of Borkum, Borkum Riffgrund.

Borkum Riffgrund 2 is currently under construction and is expected to be fully commissioned in 2019.

GIP is also the 50 percent partner in another of Dong Energy’s offshore wind farms in Germany, Gode Wind 1.

The transaction is subject to approval by the competition authorities and is expected to be completed before the end of 2017.

Dong Energy will construct the wind farm under a full-scope EPC agreement. Dong Energy will also provide long-term operations and maintenance services from its O&M base in Norddeich and provide a route to market for the power production from GIP’s 50 percent share of Borkum Riffgrund 2.

Having entered into the agreement with GIP to divest 50 percent of Borkum Riffgrund 2, Dong Energy increases its EBITDA guidance for 2017.

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