Thu, 22 Dec 2016 | BUSINESS SALE
Clean energy firm Dong Energy is to sell 50 per cent of Race Bank, its giant wind farm project off the North Norfolk coast, in a deal valued at £1.6 billion.
It will be bought up by Macquarie European Infrastructure Fund 5 and Macquarie Capital, the main investment arm of Macquarie Group.
Race Bank, set to be fully operational in 2018, is a 573-megawatt UK offshore wind farm about 16 miles off Blakeney Point. Being built out of Grimsby Dock, the farm will consist of 91 Siemens turbines and will produce enough electricity to power more than 400,000 homes each year.
The transaction, consisting of the 50 per cent stake and commitment to fund 50 per cent of the project’s capital expenditure including transmission assets, amounts to around £1.6 billion. Proceeds are payable from now until the completion of the project.
“I welcome Macquarie as partner on Race Bank. They have successfully invested in infrastructure projects worldwide and have experience in offshore wind from previous investments,” said Samuel Leupold, executive vice president and chief executive officer of wind power at Dong Energy.
“We have seen a high level of interest from a number of potential investors in Race Bank. This proves that our partnership model continues to be attractive.”
Mark Dooley, head of energy and infrastructure at Macquarie Capital Europe, said: “We are delighted to partner with Dong Energy on the Race Bank offshore wind farm. Dong Energy is an industry leader and pioneer in offshore wind power development globally.”
As part of the deal Dong and Macquarie have agreed a framework for sharing construction risk.
Find energy businesses for sale.
Luxury yacht manufacturer has gone into administration only two months after being bought by new investors. The company designs and manufactures luxury yachts which are then sold to a worldwide network of over 40 independent dealerships. Administr...
An electric cargo bike delivery network, has crashed into administration with the loss of over 100 jobs. Administrators are now welcoming offers for the business and its assets.
The company is a leading provider of first aid, medical, rescue, and pre-hospital care equipment, including consumables and bespoke solutions. With an extensive wealth of in-house knowledge of the healthcare and medical sectors, the business is able...
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.