Transaction: Acquisitions
Date: Pending
Deal value: EUR 2.3 billion
Process: Structured auction
Industry: Energy and utilities

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FIH Partners advised the two leading Danish Pension funds, PFA and PKA, in their joint acquisition of a 50% stake in the 659 MW UK offshore wind farm, project Walney Extension, for a total consideration of DKK ~17bn. Each investor will obtain a 25% ownership interest in the project.

As a part of the transaction, PKA and PFA have issued rated project bonds to a consortium consisting of blue chip institutions, many of which manage UK pension and insurance fund capital. This will be the first issuance of a non-recourse, investment grade, certified green bond for utilisation of financing an offshore wind farm asset under construction in the UK

Walney Extension is currently being constructed by Ørsted (formerly known as DONG Energy) and is expected to be fully commissioned in the second half of 2018. Once completed, Walney extension will be the world’s largest offshore wind farm.

Walney Extension will consist of 40 MHI Vestas V164-8.0MW turbines and 47 Siemens Gamesa SWT-7.0 MW-154 turbines, and will be able to supply CO2-free power equivalent to the annual electricity consumption of more than 500,000 households.

FIH Partners acted as financial advisor to PKA and PFA.