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Dong offloads 50% of Riffgrund 2

Global Infrastructure Partners pays €1.17bn for stake in 450MW project

Dong offloads 50% of Riffgrund 2 image

Dong Energy has entered into an agreement to sell 50% of the 450MW Borkum Riffgrund 2 offshore wind farm in the German North Sea to Global Infrastructure Partners (GIP) for approximately €1.17bn.

The Danish developer said the price is payable over the period 2017 to 2019, when the under-construction project is scheduled to be fully commissioned.

The price includes a 50% interest in Borkum Riffgrund 2 and a commitment to fund half of the payments under a full-scope engineering, procurement and construction (EPC) agreement with Dong.

The transaction is subject to approval by the competition authorities and is expected to be completed before the end of this year, Dong said.

Dong Energy executive vice president and chief executive of wind power Samuel Leupold said: “We’re pleased to be able to build on the partnership we established with GIP in relation to Gode Wind 1 in 2015.

“That partnership has been a success for all parties, and we’re committed to ensuring a similar success in relation to Borkum Riffgrund 2.”

Dong is constructing the wind farm under a full-scope EPC agreement and will also provide long-term operations and maintenance services from its Norddeich base.

Borkum Riffgrund 2 will consist of 56 MHI Vestas V164 8MW turbines.

Image: MHI Vestas

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