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Denmark

Denmark

Pension funds invest in Denmark's biggest offshore project

DENMARK: Dong Energy has signed a DKK6 billion (€804 million) deal with two pension funds for a 50% share of the upcoming 400MW Anholt offshore project.

The Anholt project will use Siemens SWT 3.6 120 turbines
The Anholt project will use Siemens SWT 3.6 120 turbines

The two funds are PensionDanmark and PKA, who are acquiring 30 percent and 20 percent shares respectively. The money will be paid in installments through to the end of 2013.

Dong has a deal to complete the Anholt project by 1 April 2014, although is set to begin producing electricity in mid-2013.

On April 1, responsibility for 50% of the operation of the project will be handed to the two pension funds. In addition to receiving 50% of the revenue the two companies will be liable for 50% of the costs past this date.

Anholt, like the Horns Rev and Rodsand projects before it, is sponsored by the Danish government.

Dong was the only bidder for Anholt and there have been some questions raised over the price it has paid. The total cost will be around DK10billion ($1.65billion).

The project, which is set to become Denmark's largest offshore development, will use Siemens 3.6MW turbines with a 120metre rotor diameter. Siemens was handed the deal in June last year.

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