DONG Energy and PNE Wind AG have agreed that DONG Energy will acquire PNE's 50%
ownership interest in each of the two German offshore wind turbine projects
Borkum Riffgrund 1 and 2. DONG Energy previously acquired Vattenfall AB's 49%
ownership interest in Borkum Riffgrund 1 Holding, which owns 50% of Borkum
The total purchase amount for the transactions consist of an up-front payment
of approximately DKK 100 million and additional payments subject to the parks
being constructed. These additional payments have a capitalized value of
approximately DKK 150 million. Further DONG Energy will as part of the
transactions redeem loans of approximately DKK 70 million to the sellers.
The acquisitions will make DONG Energy the sole owner of Borkum Riffgrund 1 and
2, which are situated in the German part of the North Sea. The full ownership
will provide a better opportunity for DONG Energy to continue the development
of the two German offshore wind turbine projects, in which the company has been
involved for a number of years. The acquisition should be seen as a natural
part of securing a pipeline of attractive offshore projects.
The German authorities have approved the erection of 77 offshore wind turbines
at Borkum Riffgrund 1, and an application in relation to Borkum Riffgrund 2 has
been filed. DONG Energy will continue the development of the projects in the
years ahead. PNE WIND AG will continue contributing to the development of the
two offshore wind farm projects, acting as a service provider for DONG Energy.
No investment decision has been made with respect to the two projects.
The information provided in this announcement will not change the previous
financial guidance for the financial year 2009 or the expected investment
For further information, please contact
+45 9955 2023
Morten Hultberg Buchgreitz
+45 9955 9750