PGGM and Ampère Equity Fund buy minority stake from DONG Energy in Walney Offshore Wind Farm

20 December 2010 - A consortium of PGGM and Dutch Ampère Equity Fund, managed
by Triodos Investment Management, have entered into an agreement with DONG
Energy whereby the consortium acquires a 24.8% stake in the 367MW Walney
offshore wind farm, which is under construction. DONG Energy will retain a
50.1% stake and SSE will retain the 25.1% stake it acquired from DONG Energy in
December 2009.

To acquire the stake in Walney, the consortium will pay to DONG Energy a
consideration of approximately GBP 16 million (approximately DKK 140 million)as
well as its pro rata share of the construction costs. The purchase price
excludes payment for the transmission assets, which are in the future to be
owned by a separate transmission operator to be decided by the UK regulator.

Henk Huizing, Head of Infrastructure Investments of PGGM: “We are delighted to
partner with DONG Energy which has a strong foothold in the renewable energy
sector. This direct investment in clean energy is aligned with the ESG criteria
in the investment policy for our clients. It highlights our Infrastructure
change in strategy to shift our focus from fund investments to entering into
partnerships with strategic players for direct investments. Our infrastructure
investments are made through the PGGM Infrastructure Fund 2010-2011 containing
commitments for EUR 1.25 billion and with current investments in social
infrastructure transportation, communication and energy”.

Joris van der Geest of Triodos Investment Management, Fundmanager Ampère Equity
Fund, said: “Offshore wind is a crucial part of the renewable energy mix and an
important market for the Ampère Equity Fund. This investment proves the added
value of the focus on renewable energy to institutional investors in the Ampère
Equity Fund. Importantly, we have worked in partnership with PGGM who is both
co-investing directly in the project and existing investor in the Ampère Equity
Fund. We look forward to working with DONG Energy, the main shareholder and
operator of the Walney project, and a company with a strong track record in the
industry.”

Anders Eldrup, Chief Executive Officer of DONG Energy, said: "We are very
pleased by the creation of this new partnership with established and
well-recognised international financial investors. We see this partnership as
yet another evidence of the growing interest among financial investors in
investing in the maturing offshore wind industry. We also see this transaction
as recognition of DONG Energy's unique expertise in constructing and operating
offshore wind farms.”

DONG Energy will be the leading partner in the remaining construction works
related to the Walney Offshore Wind Farm, and has assumed certain specific
obligations towards PGGM and Ampere Equity Fund relating to the final
construction cost of the project and its timely completion.

Excluding the connection to the Great Britain electricity network, the cost of
constructing Walney is expected to total approximately GBP 1 billion (DKK 8.6
billion). DONG Energy provides interim financing to the consortium for the
consortium's 24.8% share of the construction costs of the project, which the
consortium expects to refinance with external project financing upon completion
of the wind farm.

During the first 15 years of the operational phase of the project DONG Energy
will acquire PGGM's/Ampère share of Walney's production through a long-term
power purchase agreement, and sell the power and the environmental benefits
made available by the British government (the ROCs and LECs) in the market.

The information provided in this announcement will not change DONG Energy's
previously announced financial guidance for the financial year 2010 or the
expected investment level.

For further information, contact:

PGGM

Bram van Els, spokesman

+31 30 277 97 35

bram.van.els@pggm.nl

www.pggm.nl


Triodos Investment Management

For Ampère Equity Fund

Pieter van der Gaag

+31-(0)30-9642667

Pieter.vandergaag@triodos.nl



DONG Energy

Media Relations

Andreas Krog

+45 9955 2023



DONG Energy

Investor Relations

Morten Hultberg Buchgreitz

+45 9955 9750


About PGGM:
PGGM is the administrative organisation for collective pension schemes,
principally in the care and welfare sector. It is also an income provider for
people in the care and welfare sector. PGGM currently manages around EUR 100
billion of pension assets of over 2.3 million participants.


About Ampère Equity Fund:
Ampère Equity Fund, managed by Triodos Investment Management, invests in
renewable energy projects in Western Europe. It invests with amounts in the
range of EUR 10 million to EUR 50 million equity per investment. The fund
focuses on investments in energy producing assets applying proven technology,
such as onshore wind, offshore wind, solar PV, concentrated solar power and
biomass power plants that provide stable and predictable long term returns for
its investors. The Fund has attracted major Dutch institutional investors with
a total committed capital of EUR 320 million which provides certainty of
funding for its investment strategy until the end of 2011. Triodos Investment
Management is a subsidiary of Triodos Bank with over 25 years' experience in
renewable energy investments.

About DONG Energy:
DONG Energy is one of the leading energy groups in Northern Europe. We are
headquartered in Denmark. Our business is based on procuring, producing,
distributing and trading in energy and related products in Northern Europe. We
have approximately 6,000 employees and generated just under DKK 50 billion (EUR
6.6 billion) in revenue in 2009. For further information, see
www.dongenergy.com.

DONG Energy is heavily involved in the production and expansion of renewable
energy in the UK. The company is involved in building three new major UK
offshore wind farms, including what will be the world's largest offshore wind
farm London Array (630 MW), due to enter into operation in 2012. The other two
wind farms, Walney (367 MW) and Lincs (270 MW) are scheduled for completion in
2011. In addition, DONG Energy currently operates the offshore wind farms
Gunfleet Sands (172 MW), Burbo Bank (90 MW) and Barrows (90 MW).

About the Walney offshore wind farm
The Walney offshore wind farm project is located approximately 15km west of
Barrow-in-Furness in Cumbria. The total capacity of Walney is 367.2MW,
consisting of two equal phases (Walney 1 and Walney 2), each with 51 3.6MW
turbines. The rotor diameter of the turbines is 107m for Walney 1 and 120m for
Walney 2, with a maximum height of 150m from blade tip to sea level; Walney 2
will be the first project to benefit from the new Siemens 120m turbine. The
total area of the development is some 73km2.

PGGM Ampere Walney.pdf

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