Deal major step for Dong partnership model
Danish utility Dong Energy has taken a major step to support its partnership model by signing an agreement to sell 50% of the 210MW UK offshore wind construction project, Westermost Rough, to Marubeni and UK Green Investment Bank.
It is the first time Dong Energy and the UK Green Investment Bank have chosen to sign an agreement to enter into a joint partnership for an offshore wind farm.
Referring to the latest agreement, Dong Energy highlighted that the entity has been able to enter into a shared construction risk partnership and at the same time has locked-in significant value creation from the transaction. It further added that participation from Marubeni and UK Green Investment Bank is a vote of confidence in Dong Energy’s ability to manage and execute offshore wind construction projects and to deploy new technology.
The parties have agreed that Dong Energy will provide operation and maintenance services to Westermost Rough under a long-term agreement from its O&M base in Grimsby. Westermost Rough is currently under construction and is the first large-scale commercial wind farm to deploy the new Siemens 6.0 MW direct drive turbine.