Dong sells half of Anholt to pension funds for $1.1bn

Dong Energy is selling half of the Anholt offshore wind farm to two big Danish pension insurance groups, building on its success in attracting institutional investors.

PensionDanmark will buy a 30% stake in the 400MW project and PKA will take 20%, for a combined DKr6bn ($1.13bn).

Payments are to be made in four instalments between the end of 2011 and the end of 2013.

Dong intends to spend about DKr10bn building Anholt. By selling a 50% share for DKr6bn, it pockets a DKr1bn premium, but it takes all the construction risk.

Electricity generated before April 2014 will go onto Dong’s books; after that date, the revenue will be split among the three companies according to their ­respective stakes.

Anholt is set…

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