Posted on 02 February 2014 by Priyanka Shrestha
DONG Energy has signed an agreement to sell half of its 50% share in the world’s largest offshore wind farm for £644 million.
The 25% interest in the 630MW London Array (pictured) has been bought by financial investor La Caisse de depot et placement du Quebec (La Caisse), which will join the existing venture with DONG Energy, E.ON (30%) and Masdar (20%).
DONG Energy will however remain the service provider for the wind farm which includes 175 turbines – generating enough power to supply 500,000 homes.
Samuel Leupold, Executive Vice President of DONG Energy Wind Power said: “Farm down of our ownership shares in wind projects is a central part of our business model and our strategy is to continuously enter into partnership agreements with industrial and financial partners to extract part of the value creation from our projects, share the risk in our portfolio and attract capital to be able to continue to invest in new offshore wind farms.”
The transaction is expected to be completed in the first half of this year.
Last week images released by NASA showed the London Array was seen from space.