Global Infrastructure Partners (GIP) is acquiring 50 percent stakes in the 330 megawatt Gode Wind 1 owned by DONG Energy.
Gode Wind 1 one of a cluster of offshore wind projects located north-west of Norderney in the German sector of North Sea. The deal has been struck for about EUR 780 million ($885 million).
Besides the sale price, the agreement calls for GIP to issue a rated project bond to a consortium of German insurance companies. According to DONG Energy, the transaction is subject to customary approvals and is expected by the end of the year.
Under the terms of the agreement, DONG Energy will complete the project and will continue to provide operation and maintenance services to Gode Wind 1.
Ajith Kumar S