in News Departments > Projects & Contracts
print the content item

DONG Energy has signed an agreement to sell half of its 50% share in the 630 MW London Array 1 offshore wind farm to La Caisse de depot et placement du Quebec, a Canadian institutional fund manager, for approximately $1 billion.

Located about 20 km off the coasts of Kent and Essex, U.K., London Array 1 is the world’s largest offshore wind farm and includes 175 Siemens turbines. At completion of the transaction, La Caisse will enter the existing joint venture with a 25% ownership share alongside DONG Energy (25%), E.ON (30%) and Masdar (20%). DONG Energy will remain the O&M services provider to London Array.

“Farm down of our ownership shares in wind projects is a central part of our business model and our strategy is to continuously enter into partnership agreements with industrial and financial partners to extract part of the value creation from our projects, share the risk in our portfolio and attract capital to be able to continue to invest in new offshore wind farms,” explains Samuel Leupold, executive vice president of DONG Energy Wind Power. “We look forward to continuing the collaboration with the partners behind the consortium of London Array, now including La Caisse.”

Macky Tall, senior vice president of infrastructure at La Caisse, adds, “This is an opportunity for us to invest, alongside established partners, in a quality asset in a growth-driven sector. We are investing in this project with a long-term horizon and expect to generate attractive returns for many years ahead. “

DONG Energy and La Caisse have also agreed a long-term transfer agreement for the power production and green certificates arising from La Caisse’s share of London Array 1.

The transaction is subject to a number of customary conditions for a transaction of this nature, including transfer of project rights and operational performance of the wind park and approval by relevant authorities. The transaction is expected to be completed in the first half of this year.

Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Canadian Wind Industry Urges For More Federal Support

The Canadian Wind Energy Association says the country's federal government, once a big industry supporter, should again back wind power.


Wind And Solar Helped California Grid During Challenging Summer

According to the California Independent System Operator, the state suffered from heat waves and drought this year, and wind power played a "significant role" in keeping the lights on.


Recapping The Wind Industry's Third-Quarter Deals

Mercom Capital Group recaps investment and merger and acquisition activity during July, August and September.


Yearly Installed Capacity Figures Already Beat 2013 Numbers, More Wind On The Way: AWEA

While the American Wind Energy Association (AWEA) lobbies Congress to extend the production tax credit, the association notes wind projects now under construction signal a vibrant 2015.


Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.

Hybrid Energy Innovations 2015
BG 2015DblBox_id2032
Renewable NRG_id1934