Marubeni Corporation has entered into an agreement with DONG Energy whereby
Marubeni acquires a 49.9% stake in the 172MW Gunfleet Sands offshore wind farm.
Marubeni will pay to DONG Energy a cash consideration of approx. GBP 200
million for the 49.9% stake in Gunfleet Sands. Completion of the transaction is
conditional on, inter alia, Marubeni obtaining financing commitments from
project financing banks. Completion is expected to take place during Q4 2011.
”We are delighted to have reached an agreement with DONG Energy for this
important partnership; it is especially significant as it is the first
investment by a Japanese company into an offshore wind power project. We are
paying close attention to the offshore wind power sector and DONG Energy, the
world leading company in this sector. We believe the offshore wind power sector
represents a tremendous growth opportunity not only in Europe but in Japan and
the Americas as well.” says Masumi Kakinoki, Executive Officer of Marubeni.
"We see this partnership with a well-established and prominent Japanese company
as a vote of confidence to renewable energy in general and DONG Energy in
particular. We believe the further development of the offshore wind industry
will be based on bringing together different kinds of investors with an
interest in this field. We are proud of being recognized internationally as an
attractive partner and a market leader within offshore wind," says Anders
Eldrup, CEO of DONG Energy.
The wind farm, located in the Thames Estuary off the Essex coast, produces
green power corresponding to the annual power consumption of some 125,000
British households. The first green power from the wind farm was produced in
August 2009, and the entire wind farm went into production in the spring of
DONG Energy will be providing operation and maintenance services to Gunfleet
Sands under a long-term arrangement. DONG Energy and Marubeni have also agreed
a long-term purchase agreement for the power production and green certificates
arising from Marubeni's share of Gunfleet Sands' wind farm.
The transmission assets have been sold as part of the general tender process
initiated by the UK regulator, Ofgem.
The information provided in this announcement does not change DONG Energy's
previous financial guidance for the 2011 financial year or the announced
expected investment level.
For additional information, please contact:
+45 9955 2023
Morten Hultberg Buchgreitz
+45 9955 9750
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 DKK 55 billion (EUR 7.3
billion) in revenue in 2010. For further information, see www.dongenergy.com.
DONG Energy is strongly involved in the production and expansion of renewable
energy in the UK. The company currently operates the offshore wind farms
Gunfleet Sands (172 MW), Burbo Bank (90 MW), Barrows (90 MW) and Walney 1 (184
MW). In addition, DONG Energy is involved in building four 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.
Marubeni: Marubeni Corporation is one of the 5 largest Japanese trading
companies with activities in multiple business areas, including food products,
materials, chemicals, energy, metals and mineral resources, transportation
machinery. Marubeni's activities also extend to power projects and
infrastructure and Marubeni has a large business unit within energy and is an
EPC-contractor as well as an owner of Independent Power Producer (IPP) around
the world. Marubeni entered into the IPP business in 1992, and holds a global
power asset portfolio of Net 8,796MW in 23 countries. It is Marubeni's current
strategy to increase its portfolio to Net 11,000MW within a couple of years
with renewable energy assets representing 10% of the portfolio.
About the Gunfleet Sands offshore wind farm:
The Gunfleet Sands offshore wind farm is located approximately 7km south-east
of Clacton-on-Sea, Essex. The project consists of two parts, Gunfleet Sands 1
with 30 turbines and Gunfleet Sands 2 with 18 turbines. The capacity of each
turbine is 3.6MW, giving a total capacity of the Gunfleet Sands project of
172MW. The rotor diameter of the turbines is 107m, with a maximum height of
129m from blade tip to sea level.
Marubeni Corporation to become co-owner.pdf
DONG Energy is one of the leading energy groups in Northern Europe. Our business is based on procuring, producing, distributing and trading in energy and related products in Northern Europe.