SEAS-NVE has purchased a majority stake in the 207 MW Rödsand offshore wind farm from German utility E.ON. In a €430 million deal, the Danish energy firm has taken an 80 per cent stake in the project, which started operating in 2010.
E.On says that the sale of the stake is in line with its "less capital, more value" strategic approach. The company in mid-November said that its financial performance for the first nine months of 2013 was in line with expectations and that it had stayed "on course in a difficult environment".
Klaus Schäfer, E.On's Chief Financial Officer said: "Following on from last year's deal with PensionDenmark, we are once again delivering on our strategy of 'more value, less capital'. For E.On, the sale of a majority stake in one of our largest offshore wind farms will successfully recycle our capital, ensuring we are able to realize more of our excellent renewables pipeline."
Jesper Hjulmand, CEO of SEAS-NVE said that the deal sent "a clear message about our role in the Danish transition towards sustainable energy". Situated in the Baltic Sea between the German island of Fehmarn and the Danish island of Lulland, Rödsand II lies very close to SEAS-NVE's supply area.
The final transaction is subject to regulatory approval from the Danish Energy Agency and EU merger control clearance. The deal is expected to close around the end of the year.
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