Dong Energy to divest half of Gode Wind 1

GERMANY: Global Infrastructure Partners will buy 50% of Dong Energy's 330MW Gode Wind 1 offshore project for €780 million

Gode Wind 1 monopiles. Construction is under way
Gode Wind 1 monopiles. Construction is under way

The German private equity firm will issue a bond to a consortium of German insurance companies, with Talanx a "cornerstone" lender, according to Dong. It will be the first non-recourse, investment grade, certified green bond to part-finance an offshore project under construction. Talanx recently bought three French onshore projects from developer RP Global.

Dong will continue to construct the project and will operate and maintain it once completed. The deal is expected to be finalised later this year.

"I am very excited about the evolution of Dong Energy's market leading partnership model to facilitate this innovative long-term investment by German institutional investors into the offshore wind sector for the first time," said Samuel Leupold, executive vide president of Dong Energy Wind Power.

The sale is consistent with the Danish utility's strategy of sharing ownership of large offshore projects. Last year it agreed to sell half of Gode Wind 2, the 252MW second phase, to a consortium of Danish pension funds.

Construction at the site began in April, when the first monoplie was installed, and the first Siemens 6MW turbine was installed in August.

When completed, the two Gode Wind projects together, at 582MW, will be Germany's largest offshore wind project, comprising 97 Siemens 6MW turbines.

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