DONG Energy has signed an agreement to sell 50 per cent of the German offshore wind Borkum Riffgrund 1 to the LEGO Group’s parent company, KIRKBI A/S, and the Oticon Foundation, via its investment company, William Demant Invest A/S for a total sum of DKK 4.7 billion.

When completed Borkum Riffgrund 1 will consist of 77 3.6 MW wind turbines from Siemens Wind Power. The wind farm will be able to supply CO2-free power equivalent to the annual electricity consumption of more than 285,000 households.

KIRKBI participates in the buying consortium with an investment of DKK 3 billion, giving it an ownership interest of 32 per cent. The Oticon Foundation will invest DKK 1.7 billion, giving it an ownership interest of 18 per cent.

KIRKBI A/S and the Oticon Foundation will pay the purchase price in four instalments, starting at the end of 2012 and paying the last instalment at the end of 2015. The instalments make up 11, 12, 56 and 21 per cent of the purchase price.

Tags: DONG Energy