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

Are Fitch Ratings' Claims About Wind Farm Underperformance Unfounded?

A recent report from Fitch Ratings suggests that wind farms underperform due to an overestimation of wind resources, but AWS Truepower says the analysis misses the mark.


SunEdison Buying First Wind In $2.4 Billion Deal

Global solar company SunEdison and its yeildco have announced an agreement to buy the Boston-based developer, a major player in the U.S. wind industry.


U.S., China Reach Ambitious Climate Change Accord

The agreement between the global superpowers leans heavily on the deployment of renewable energy, such as wind and solar.


What The Midterm Elections Mean For The U.S. Wind Industry

Both chambers of Congress are now under Republican control for the first time since 2006. How will wind energy fare?


GE Blade Crashes At Mehoopany Wind Farm In Pennsylvania

The turbine manufacturer says the Nov. 2 incident is "isolated and unrelated" when compared to earlier blade issues.

Hybrid Energy Innovations 2015
BG 2015DblBox_id2032
Renewable NRG_id1934