News | Energy Efficiency

http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/wind/pensiondanmark-acquires-nysted-wind-farm-stake-from-e-on-becomes-equal-shareholder.html

Power utility E.ON is to sell its 20 per cent stake in the Nysted wind farm, offshore Denmark, to Dong Energy, which will in turn offload a 50 per cent interest in the project to pension fund PensionDanmark.

PensionDanmark will buy a 30 per cent stake from Dong for DKK400m (€53.72) while Dong will acquire E.ON’s 20 per cent share and then sell it on to PensionDanmark for DKK400m.
As a result of the transaction, Dong and PensionDanmark will each own 50 per cent in the project.
Anders Eldrup, CEO of Dong Energy, said, ‘We are very pleased that PensionDanmark has wanted to invest in renewable energy production, and we hope that this agreement can pave the way for similar pension fund investments.
‘We also see it as recognition of Dong Energy’s unique expertise in operating offshore wind farms.’
PensionDanmark said it is the first pension fund that has entered into an agreement with a major Danish industrial partner within this area.
The 165.6MW Nysted offshore wind farm in located south of the island of Lolland and since being commissioned in 2003, it has delivered about 570GWh of renewable energy annually.
Under the new agreement, Dong will provide an operating guarantee to PensionDanmark and in exchange it will receive a larger share of the operating profit if the power price increases over the current power price level.
At the end of 2009, PensionDanmark had €11.6bn under management, a figure it said it is expected to grow to €20bn by 2014.
In the past few weeks, Dong has contracted Dutch engineering company Ballast Nedam to lay the foundations for two further offshore wind farms, Anholt and Walney II, it is developing.