Dong receives EUR 1.47 billion investment

DENMARK: Dong Energy has received a DKK 11 billion (EUR 1.47 billion) investment from Goldman Sachs and Danish pension funds Arbejdsmarkedets Tillægspension (ATP) and PFA Pension Forsikringsaktieselskab.

Henrik Poulsen, Dong Energy’s CEO, said the investment will help the company grow
Henrik Poulsen, Dong Energy’s CEO, said the investment will help the company grow

Goldman Sachs will subscribe to DKK 8 billion, ATP to DKK 2.2 billion and PFA to DKK 0.8 billion of shares.

A Dong spokesperson said the money will be invested in the areas outlined in its 2020 strategy to build 6.5GW of operating offshore wind capacity in north-west Europe.

The Danish utility and major offshore developer has an intermediate target of 3.5GW by the end of 2016. This compares with an operational portfolio of 1.7GW at the end of 2012.

At the time the 2020 strategy was outlined, Dong said it aimed to bring in DKK 6-8billion of investment.

Dong Energy CEO Henrik Poulsen said: "We have an exciting and profitable growth potential. With the injection of new equity we have almost fully delivered on our financial action plan and have thus secured the necessary platform for pursuing our ambitions for the coming years."

The news comes just as Dong announced that its chief financial officer, Carsten Thomsen, will step down after 11 years at the company.

Marianne Wiinholt, the company's senior vice president of customers and markets, will take over the CFO role.

This follows a number of changes at Dong over the past year. The wind division's senior vice president, Bent Christensen, left the company in September and it cut 350 jobs on 13 September, already having  axed 400 staff on 20 August. Henrik Poulsen became chief executive in August 2012.

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