Dong to sell 50% of offshore wind farm in £1.6bn deal

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.


Share this article



Latest Businesses for Sale

Recruitment Agency (Fast Sale)
North West, UK

Indicative offers are required by 12:00hours on Monday 20 January 2020 with a view to completion shortly thereafter. The proposed Joint Administrators are seeking parties interested in the business and assets of a Company that trades as a recruitment...

Asking Price: Offers Invited
Turnover: £2,400,000

LEASEHOLD


Commercial Contractor (Fast Sale)
Midlands, UK Wide

Offers and proof of funding sought by 17:00hours on Friday 24 January 2020. The Joint Administrators are seeking parties interested in the business and assets of a commercial contractor business based in the Midlands.

Asking Price: Offers Invited
Turnover: £3,400,000

Hospitality Industry Recruitment Specialist
UK Wide

Provides highly skilled and professional hospitality staff across a variety of sectors. Recognised as both a preferred and top tier supplier for several of its prestigious clients. Supplying both temporary and permanent Nationwide staffing solutions....

Asking Price: Offers Invited
Turnover: £3,500,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
17
 
Jan
 

Sample book and shade card manufacturer acquired from administration | BUSINESS SALE

The business and assets of Yorkshire-based display products ...

 
16
 
Jan
 

Northgate and Redde shareholders approve merger | MERGER

The proposed merger of listed companies Northgate and Redde ...

 
15
 
Jan
 

SSE sells retail business to OVO Energy | DIVISION SALE

Power utility SSE has announced it has completed the sale of...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
17
 
Feb
 

Future bright after ferry firm's buy-out | BUSINESS SALE

The future of the ferry firm Wightlink Ferries, which operat...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources