Thu, 22 Dec 2016 | BUSINESS SALE
Clean energy firm Dong Energy is to sell 50 per cent of Race Bank, its giant wind farm project off the North Norfolk coast, in a deal valued at £1.6 billion.
It will be bought up by Macquarie European Infrastructure Fund 5 and Macquarie Capital, the main investment arm of Macquarie Group.
Race Bank, set to be fully operational in 2018, is a 573-megawatt UK offshore wind farm about 16 miles off Blakeney Point. Being built out of Grimsby Dock, the farm will consist of 91 Siemens turbines and will produce enough electricity to power more than 400,000 homes each year.
The transaction, consisting of the 50 per cent stake and commitment to fund 50 per cent of the project’s capital expenditure including transmission assets, amounts to around £1.6 billion. Proceeds are payable from now until the completion of the project.
“I welcome Macquarie as partner on Race Bank. They have successfully invested in infrastructure projects worldwide and have experience in offshore wind from previous investments,” said Samuel Leupold, executive vice president and chief executive officer of wind power at Dong Energy.
“We have seen a high level of interest from a number of potential investors in Race Bank. This proves that our partnership model continues to be attractive.”
Mark Dooley, head of energy and infrastructure at Macquarie Capital Europe, said: “We are delighted to partner with Dong Energy on the Race Bank offshore wind farm. Dong Energy is an industry leader and pioneer in offshore wind power development globally.”
As part of the deal Dong and Macquarie have agreed a framework for sharing construction risk.
Find energy businesses for sale.
Turnkey shopfitting specialists providing a complete package with services including consultation design (2D 3D visualisations and walkthroughs) procurement contract management joinery manufacture and installation of all elements. The company operate...
This well known and successful business, set up over 38 years ago, provides a comprehensive workshop service for motor vehicles/cars and light commercial vehicles and within the busy Surrey and South East region and has been in the current vendor’s o...
LEASEHOLD
The company specialises in producing furniture from a wide array of materials, allowing it to act as a one-stop shop for private and commercial clients. Operating nationally, the company caters to 20 active industrial and commercial clients, all of w...
LEASEHOLD
07
|
Feb
|
Marine engineering firm to target M&A after revenue grows 21.5 per cent | BUSINESS NEWS
Marine engineering and warehousing business Shepherd Offshor...
07
|
Feb
|
Administrators exploring accelerated sale of telecoms contractor | ADMINISTRATION
Administrators from RSM UK Restructuring Advisory LLP are se...
06
|
Feb
|
M&Co brand bought out of administration, but 170 stores still to close | ADMINISTRATION
Scottish clothes retailer, M&Co has been bought out of admin...
Sign up to receive our acquisition alert emails to get your FREE guide
17
|
Feb
|
Future bright after ferry firm's buy-out | BUSINESS SALE
The future of the ferry firm Wightlink Ferries, which operat...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources