DONG Energy has signed an agreement with two Polish utilities - Polska Grupa Energetyczna (PGE) and Energa - under which PGE and Energa will acquire DONG Energy's Polish onshore wind energy business. PGE and Energa will each acquire separate parts of the activities.
The aggregate selling price for DONG Energy's wind energy business is approximately PLN 1 billion ($320.05 million). Completion of the transaction is subject to approval by the relevant authorities.
DONG Energy's Polish onshore wind power business includes three operating wind farms with a total installed capacity of 111.5 MW and a development portfolio totaling more than 700 MW. The business includes approximately 40 employees, who will be employed by PGE and Energa going forward.
“The divestment is a step towards realizing DONG Energy's previously announced plan to divest assets with an aggregate value of DKK 10 billion during 2013 and 2014,” says Henrik Poulsen, DONG Energy’s CEO. “We will thereby release capital to support our investments in, for example, offshore wind, where DONG Energy has a strong market position.”
DONG Energy expects the transaction to close by the end of the year and result in a net gain before tax of up to DKK 600 million.