DONG Energy has signed an agreement to sell half of its 50 percent share in the 630 MW offshore wind farm London Array 1 to La Caisse de dépôt et placement du Québec (La Caisse), for a total sum of GBP 644 million (approx. $1.06 billion).
With this partnership divestment DONG Energy delivers on the fifth and final point in its financial action plan presented in February 2013 securing the foundation for the future growth in DONG Energy.
At completion of the transaction, La Caisse will enter the existing joint venture with a 25 per cent ownership share alongside DONG Energy (25 per cent), E.ON (30 per cent) and Masdar (20 percent). DONG Energy will remain the service provider of O&M services to London Array.
DONG Energy and La Caisse have also agreed a long-term transfer agreement for the power production and green certificates arising from La Caisse’s share of London Array 1.
The transaction is subject to a number of customary conditions for a transaction of this nature, including transfer of project rights and operational performance of the wind park and approval by relevant authorities. The transaction is expected to be completed in the first half of 2014.