Dong has acquired 100% of the North Sea project in a move to boost its post-2020 pipeline.
Dong will make an initial payment of €4 million this month. Payments of up to a further €8 million will be made as predetermined milestones are reached.
The project still needs grid connection approval before Dong will make a final investment decision. An application for grid connection is expected in 2017 or 2018, meaning construction will begin after 2020.
Borkum Riffgrund West 2 is located next to the 400MW Borkum Riffgrund West 1, which was acquired by Dong from EnergieKontor 2011.
Dong also owns the Borkum Riffgrund 1 and 2 projects, with a combined 894MW capacity. Installation at Borkum Riffgrund 1 began in October. It will use 78 Siemens 3.6MW turbines.