Dong acquires Gode 1, 2 and 3 in EUR157 million deal

DENMARK: Dong Energy has acquired Gode Wind 1, 2 and 3 North Sea offshore wind farms with a combined capacity of 900MW from PNE Wind.

Gode 1 uses Repower's 6.15MW machine
Gode 1 uses Repower's 6.15MW machine

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The projects, which are located in the German North Sea, have been sold to Dong for €157 million. This is made up of an upfront payment of €57 million with the remainder to follow in deferred payments.

In March, Repower won the deal from PNE to supply 332MW to Gode Wind 1. Last year, Vestas signed a deal to supply Gode Wind II with 84 of its V112 3MW turbines. It had been expected to secure the deal for Gode Wind 1 as well.

These deals are now in doubt. Dong has historically used Siemens turbines on its wind farms and the company said it had not made any investment decision regarding the projects.

Gode 1 and 2 have construction permits and an unconditional grid connection contract from TenneT for 584MW. Gode 3's construction application is ongoing. Completion on Gode 3 is conditional on the permitting being completed before January 2014.

Speaking about the deal, Dong's acting CEO Carsten Kromsgaard said: "The Gode Wind projects in Germany are very interesting for us as we, if positive investment decision is taken, expect that construction of parts of the projects could begin by 2015 due to the available grid connection confirmations.

"This way, the projects have a good fit with Dong's project pipeline, ensuring that our installation sequence of building large-scale projects successively could work smoothly and help bring down the cost of energy from offshore wind power."

The company recently signed a UK supply deal for 1.8GW deal for the company's new 6MW turbine.

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