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Kuwaitis Disgruntled By Slashed Fuel Subsidies

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Dong Energy Buys Three Offshore Wind Farm Projects

Dong Energy has taken another step to achieve its objective of becoming the leading energy utility in the German offshore wind sector, by purchasing three major offshore wind projects in the North Sea.

Dong Energy has confirmed that it bought 100 percent of Gode Wind projects 1, 2, and 3 from the German developer, PNE Wind. €57 million will be paid up front, with a further €100 million more to be paid if Dong decides to invest up to €157 million to develop 900MW of new capacity at the wind farms.

Gode Wind projects 1 and 2 have already been approved by the German authorities, and Gode Wind 3 is expected to receive a permit next year.

Carsten Krogsgaard , Dong Energy’s acting chief executive, said that “offshore wind is a central part of Dong Energy's overall strategy, and the acquisition of the three Gode Wind projects strengthens our already ambitious development pipeline in German waters. The Gode Wind projects in Germany are very interesting for us as we expect that, if positive investment decision is taken, construction of parts of the projects could begin by 2015 due to the available grid connection confirmations.”

By. Charles Kennedy of Oilprice.com



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