As part of the transaction, Dong will pay up to £40m in cash for a 50% interest in the joint venture, with £15m payable at the close of the transaction, and the balance payable in later years contingent upon consent being achieved for projects and Dong reaching final investment decisions for projects.
The two companies will work together to develop different projects in the zone on a 50/50 basis with construction management of the projects alternating between the two companies.
