Dong Energy is to divest 50% of the 330MW German offshore wind construction project, Gode Wind 1, to a private equity fund for €780million.
The Danish energy firm has signed a deal with Global Infrastructure Partners. The total sales price will be paid by 2016.
GIP will issue a rated project bond to a consortium of German insurance companies with Talanx, one of the largest German insurance groups, as cornerstone lender.
The deal is subject to approval by the competition authorities and is expected to be completed by the end of the year.
Samuel Leupold, executive vice president of Dong Energy Wind Power said the firm will finalise the construction of the Gode Wind 1 offshore wind farm project, and will provide operation and maintenance services from its O&M base in Norddeich in Germany.
Dong will also provide a route to market for the power production from Gode Wind 1.
The company began offshore construction works for the Gode Wind 1 earlier this year.
It will consist of 55 turbines supplying power to the annual power consumption of approximately 340,000 German households.
The wind farm and the neighbouring wind farm Gode Wind 2 are expected to be fully commissioned in 2016.
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