Danish fund buys big DolWin3 stake

German offshore grid connections have suffered severe delays

TenneT expects to complete the link by late 2017

Danish infrastructure fund management company Copenhagen Infrastructure Partners (CIP) has reached an agreement with transmission system operator TenneT to buy a large stake in the 900MW German North Sea offshore grid connection DolWin3 for €384m ($526m) via the investment company CI Artemis K/S.

The capital contribution will give CIP a 67% economic stake coupled with a 49% voting interest in the project, which will link several German offshore wind parks to the mainland. The total construction costs of the DolWin3 connection are expected to amount to €1.9bn.

“CIP’s investment highlights our ability to attract outside equity and solidifies our financial strength. With this transaction TenneT has a sound financial basis to execute its onshore and offshore investment plans," says TenneT chief financial officer Otto Jager.

TenneT had awarded the contract for the construction of DolWin3 to Alstom Log in to read complete article.

Become a Recharge subscriber!

Or try our free trial.

Order Subscription

Already a member?

Login


Recharge Monthly Magazine