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Danish pension group invests in offshore wind farm

PensionDanmark and PKA will acquire 50% of the Anholt offshore wind farm for DKK6 billion from DONG Energy.

By Renewable Energy Focus staff

PensionDanmark is lead investor in the consortium and will acquire a 30% interest, while PKA will acquire a 20% interest in the offshore wind farm.

PensionDanmark and PKA will take over operation and earnings in proportion to their interests from 1 April 2014.

DONG Energy has signed a 15-year contract with PensionDanmark and PKA on operation and planned maintenance of the offshore wind farm.

PensionDanmark’s CEO, Torben Möger Pedersen, says: “The deal is an extension on our 2010-agreement with Dong Energy on Nysted Wind Farm, which gave PensionDanmark a 50% stake for DKK0.7bn (~€0.1bn).

"In the aftermath of the financial crises – and with the upcoming Solvency II regulation to come into effect – not many investors can undertake these types of illiquid investments. PensionDanmark has the capital as well as the internal expertise and resources to undertake this type of investment.

"Investments in wind farms make perfect sense from an investment perspective ¬– especially with bond yields at just above 3% and equity market in the coming years might well be very volatile and driven by imbalances in the global economy and the fact that both Europe and the US are struggling with the effects from the financial crisis.

“In light of this, investments in solar and wind energy are very attractive to a long term investor as PensionDenmark. These types of investments can generate a return in line with what we expect from the equity market. But the risk and sensitivity to the global business cycle is significantly lower than with equity investments."

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Policy, investment and markets  •  Wind power