Transaction: Divestments
Date: July 2014
Deal value: EUR 600 million
Process: Structured auction
Industry: Energy and utilities

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DONG Energy is one of the leading energy groups in Northern Europe. The company is headquartered in Denmark. The business is based on procuring, producing, distributing and trading in energy and related products in Northern Europe. The company has approximately 6,500 employees and generates DKK 73 billion (EUR 9.8 billion) in revenue in 2013.

The acquirers of Gode Wind 2 are a consortium consisting of PKA, Industriens Pension, Lærernes Pension and Lægernes Pensionskasse.

Gode Wind 2 will be constructed in the German part of the North Sea, approx. 45 km off the north-western coast of Germany. When completed, the wind farm will have a nameplate capacity of 252MW and will be able to supply CO2-free power equivalent to the annual electricity consumption of more than 260,000 households.

It is integral to DONG Energy’s business model that institutional investors consider a partnership with DONG Energy an attractive investment opportunity. By 2020 DONG Energy wants to triple their installed capacity of offshore wind compared to the 2.2 GW  built today. This 50% divestment of Gode Wind 2 therefore enables DONG Energy to free up capital to continue the investment programme and to reach this target.

FIH Partners acted as exclusive financial advisor to DONG Energy on the divestment.