Marubeni Corp has entered into an agreement with DONG Energy to acquire a 49.9% stake in the 172 MW Gunfleet Sands offshore wind farm for GBP 200 million. Completion is conditional on Marubeni’s obtaining financing commitments from project financing banks but is is expected to take place during Q4 2011.
”We are delighted to have reached an agreement with DONG Energy for this important partnership; it is especially significant as it is the first investment by a Japanese company into an offshore wind power project. We believe the offshore wind power sector represents a tremendous growth opportunity not only in Europe but in Japan and the Americas as well.” said Masumi Kakinoki, executive officer of Marubeni.
“We see this partnership with a well-established and prominent Japanese company as a vote of confidence to renewable energy in general and DONG Energy in particular. We believe the further development of the offshore wind industry will be based on bringing together different kinds of investors with an interest in this field.,” said Anders Eldrup, CEO of DONG Energy.
The wind farm is located in the Thames Estuary off the Essex coast, UK, and first produced power in August 2009. It went into full production in the spring of 2010.
DONG Energy will be providing operation and maintenance services to Gunfleet Sands under a long-term arrangement. DONG and Marubeni have also agreed a long-term purchase agreement for the power production and green certificates arising from Marubeni’s share of the wind farm.
The transmission assets have been sold as part of the general tender process initiated by the UK regulator, Ofgem.