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DONG Energy acquires Borkum Riffgrund 1 & 2 offshore wind turbine projects

DONG Energy is acquiring PNE Wind AG's 50% ownership interest in each of the two German offshore wind turbine projects Borkum Riffgrund 1 & 2.

DONG Energy previously acquired Vattenfall AB's 49% ownership interest in Borkum Riffgrund 1 Holding, which owns 50% of Borkum Riffgrund 1.

The deal consists of an up-front payment of approximately DKK100 million and additional payments subject to the offshore wind parks being constructed. The additional payments have a capitalised value of approximately DKK150m. DONG Energy will also redeem loans of approximately DKK70m to the sellers.

The acquisitions will make DONG Energy the sole owner of Borkum Riffgrund 1 & 2 offshore wind parks, which are situated in the German part of the North Sea.

The German authorities have approved the erection of 77 offshore wind turbines at Borkum Riffgrund 1, and an application in relation to Borkum Riffgrund 2 has been filed. DONG Energy will continue the development of the offshore wind power projects in the years ahead.

PNE Wind will continue contributing to the development of the two offshore wind farm projects, acting as a service provider for DONG Energy.

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