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Pension companies buy half of Ørsted park

Pension companies buy half of Ørsted park

02-11-2017 13:00:00

Ørsted - former DONG Energy - sells 50% of the Walney Extension offshore wind turbine project to the two Danish pension companies PFA and PKA, each holding a 25% stake. The park will be the world's largest offshore wind farm when it is put into operation in the second half of 2018.

PKA and PFA pay around 2 billion British pounds for ownership in the unfinished offshore wind farm, which Ørsted will also operate and maintain.

"We are excited to bid the two Danish companies welcome as co-owners of Walney Extension. We already have a strong partnership with PKA in three other wind farms, and we look forward to building an equally long-standing partnership with PFA on what is being the world's largest offshore wind farm when it is finished. Both partners have a strong focus on transition to green energy, and I am pleased that our offshore actives continue to be attractive for institutional investors," says Henrik Poulsen, CEO of Ørsted.

The sale means that Ørsted increases EBITDA expectations for 2017 from 17-19 billion DKK to 19-21 billion. DKK.

For PKA, the investment in Walney Extension is the sixth wind turbine park which the company invests in.

"Investment in offshore wind farms have so far yielded double-digit returns, and we are pleased to cement our climate strategy in another offshore wind farm. So, for us it's a good business and common sense," says Peter Damgaard Jensen, CEO in PKA.

PFA's CEO points out that the investment is another step in the renewable energy market that actively contributes to the green change.

"We are proud to work with Ørsted, who is the leader in the field and has developed significant expertise in establishing successful offshore wind farms. The investment fits into our strategic focus on alternative investments, which can help to provide our customers with good and stable long-term returns," says Allan Polack, Group CEO, PFA.

Source: Ørsted / Maritime Denmark

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