DONG Energy Divests 50 Percent of Offshore Wind Farm Borkum Riffgrund 2
Fredericia, Denmark - DONG Energy has entered into an agreement to sell 50 percent of Borkum Riffgrund 2, a 450 megawatt (MW) German offshore wind farm project, to Global Infrastructure Partners (GIP).
GIP is also the 50 percent partner in another of DONG Energy’s offshore wind farms in Germany, Gode Wind 1. The transaction is subject to approval by the competition authorities and is expected to be completed before the end of 2017.
DONG Energy will construct the wind farm under a full-scope EPC agreement. DONG Energy will also provide long-term operations and maintenance services from its O&M base in Norddeich in Germany and provide a route to market for the power production from GIP’s 50 percent share of Borkum Riffgrund 2.
Having entered into the agreement with GIP to divest 50% of Borkum Riffgrund 2, DONG Energy increases its EBITDA guidance for 2017. Now, the company expects EBITDA of DKK 17-19bn. Expected gross investments remain unchanged at DKK 18-20bn.
Source: IWR Online, 16 Aug 2017