in News Departments > Projects & Contracts
print the content item

Investor-owned power and gas company E.ON has agreed to sell an 80% stake in its 207 MW Rodsand II offshore wind farm to the Danish energy company SEAS-NVE. The transaction values the wind farm, located in the Baltic Sea, at DKK 3.5 billion on a 100% enterprise basis.

At closing, a loan of DKK 2.1 billion will be taken out by the wind farm company and the proceeds remitted to E.ON. SEAS-NVE will then purchase 80% of the equity for DKK 1.1 billion. As a result, the total cash proceeds for E.ON will be DKK 3.2 billion.

E.ON says the deal is consistent with its “less capital, more value” strategic approach. E.ON will retain a 20% stake and will remain the operator for the lifetime of the wind farm.

“For E.ON, the sale of a majority stake in one of our largest offshore wind farms will successfully recycle our capital, ensuring we are able to realize more of our excellent renewables pipeline,” says E.ON Chief Financial Officer Klaus Schafer.

The final transaction is subject to regulatory approval, and the deal is expected to close around the end of the year.




Trachte Inc._id1770
Latest Top Stories

Senate Passes Tax Extenders Bill With Wind PTC Extension

The legislation, which passed in the U.S. House earlier this month, will renew the critical production tax credit through the end of 2014 - giving developers only about two weeks left to start construction.


Transmission Study Shows Nebraska Could Handle A Lot More Wind Power

A new report released by the Nebraska Power Review Board finds that the state already has enough infrastructure to accommodate at least 2 GW of additional wind generation.


Can Wind Energy And Birds Coexist? Environmental Group Says Yes

The Environmental Defense Fund, a supporter of responsible wind energy development, points out ways to help mitigate impacts of turbines on birds and bats.


Another Study Finds Wind Turbines Do Not Affect Nearby Property Values

Research conducted by the University of Guelph focused on regions in Ontario, and the conclusion echoes that of previous studies.


Too Little, Too Late? U.S. House Approves Wind PTC Extension

The U.S. House of Representatives has passed a tax extenders package that would renew the wind production tax credit (PTC) and about 50 other expired tax breaks through 2014. The wind industry argues the short-term fix is virtually no fix at all.

Hybrid Energy Innovations 2015