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.
A rare opportunity to acquire a long established, profitable, BMW After Market Specialist, with an excellent reputation. Trading profitably since 1994. Offering complete automotive performance, engineering and styling solutions. This is a retirement...
Provides an extensive range of coffee machinery, which is imported from Italy and Spain, and coffee products, which are sourced within the UK. Offers invited.
FREEHOLD
One of the UK's leading end-to-end service providers. Comprehensive export handling, packing and storage services, providing specialist cargo and goods management to a wide variety of international operations and private clients. 40+ years of success...
|
24
|
|
Jan
|
Yorkshire engineering firm completes MBO deal | MBO/MBI
A West Yorkshire engineering group has been taken over by th...
|
22
|
|
Jan
|
Jewellery retailer enters administration | ADMINISTRATION
A Nottingham-based jewellery and watches company has fallen ...
|
19
|
|
Jan
|
Luxury lodging group enters administration | ADMINISTRATION
An Essex-based company which operates eight luxury lodge par...
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