About Walney Extension
- The offshore wind farm will have a total capacity of 659MW – enough to power more than 500,000 UK homes.
- The offshore wind farm will consist of a total of 87 wind turbines with performance enhancing features: 40 MHI Vestas V164-8.0MW turbines and 47 Siemens Gamesa SWT-7.0 MW-154 turbines.
- The wind farm will be located in the Irish Sea approximately 19km from the Walney Island coast in Cumbria and cover an area of 145km2
- Walney Extension is expected to be fully commissioned in second half of 2018.
We will construct the wind farm under a full-scope EPC contract. We will also provide long-term operations and maintenance services from its O&M base in Barrow-in-Furness and provide a route to market for the power generation from Walney Extension.
Henrik Poulsen, our CEO, says:
”We’re delighted to welcome two Danish pension funds as co-owners of Walney Extension. We already have a strong partnership with PKA on three other offshore wind farms and we look forward to building an equally long-lasting relationship with PFA on what will be the world’s biggest wind farm when completed. Both partners are committed to the green energy transition and I’m pleased that our offshore wind assets continue to be attractive to institutional investors.”
The total sales price comprises the acquisition of a 50% ownership share and the commitment to fund 50% of the payments under the EPC contract for the entire wind farm (including the transmission assets), and amounts to approx. GBP 2.0bn, which will be paid during 2017 and 2018. We have hedged the GBP proceeds and these hedges currently have a market value of approximately DKK 2.0bn.
Partners committed to the green energy
Allan Polack, Group CEO, PFA, says:
“With this investment, we take yet another step into the renewable energy market which is actively contributing towards the green transition. We are proud to do so together with our business partner Ørsted, which is a front runner in this field and which has accumulated great expertise when it comes to establishing efficient offshore wind farms. The investment fits perfectly into our strategic work with focus on alternative investments that contribute to providing our customers with reliable and stable long-term returns.”
Peter Damgaard Jensen, CEO, PKA, says:
“This is the sixth offshore wind farm PKA invest in since 2011. We focus on this type of investments because we continue to see interesting opportunities in combining good returns to our members and at the same time supporting mitigation of climate changes. Investment in offshore windfarms has so far made two-digit returns and we are pleased to see this investment underlining our climate strategy. For us it is good business and common sense.”