Denmark

Denmark

Dong to invest €1.34bn a year on offshore wind

DENMARK: Dong Energy has said it is to invest DKK 10 billion (€1.34 billion) a year on developing its offshore project portfolio, according to reports.

The comments were made by the then chief executive Anders Eldrup in an interview late last week with Bloomberg. Eldrup said the investment in offshore was to cover a decline in coal and gas fuelled power plants.

Although Eldrup resigned yesterday, Dong said its investment plans remained in place and it is currently recruiting a replacement CEO. CFO Carsten Krogsgaard Thomsen has taken on the acting CEO position.

Eldrup said the offshore investment would continue for the next "two or three years". It will partly fund this expansion by selling shares in existing projects.

Such a move, confirms a similar view expressed by Eldrup in an interview with Windpower Monthly last year.

Discussing the sale of a 50% share in the 400MW Anholt project to two pension funds, Eldrup said it was part of the company's strategy to sell off parts of its developments in order to secure more funding for new projects.

Eldrup said: "We would rather have two wind farms where we own 50% rather than one where we own 100%." He added Dong would not go beyond the 50% point in order to "keep control of the park".

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