Goldman sets out stall on Dong costs

The Goldman Sachs building in Jersey City, US

The Goldman Sachs building in Jersey City, US

US investment giant Goldman Sachs has told suppliers to Dong Energy that it expects them to help deliver big cost reductions in the offshore wind sector – or it is ready to tap into source new sources in Asia who will.

Martin Hintze, Goldman Sachs’ newly-installed representative on the board of the world’s biggest offshore wind developer, told newspaper Borsen that it is fully behind Dong’s stated aim to drive costs down by up to 40% by 2020.

Speaking a month after Goldman finalised its purchase of a 19% stake in Dong for DKr8bn ($1.5bn) – amid controversy in Denmark – Hintze told the Danish daily that cost reduction is a top priority for the investment bank. “That’s what we bought into as an investor,” he said.

And Hintze, a managing director in the bank's European operations, made Log in to read complete article.

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