DONG Energy Agrees on Terms for Divestment of Transmission Assets at Gunfleet Sands (UK)

The terms regarding the divestment of the transmission assets relating to Gunfleet Sands I and II have now been agreed between DONG Energy and the purchaser TC Gunfleet Sands OFTO Limited (Transmission Capital Partners) at the sum of GBP 49.5 million.

The financial closure of the transaction has been completed and the assets have been transferred to TC Gunfleet Sands OFTO Limited.

The divestment is a result of The UK government’s decision that offshore wind farms are to divest their offshore transmission assets to new offshore transmission owners (“OFTO”) via a competitive tender run by Ofgem.

Upon transfer of the transmission assets, DONG Energy will enter into a 5-year O&M agreement.

The information provided in this announcement does not change DONG Energy’s previous financial guidance for the 2011 financial year or the announced expected investment level.


Source: dongenergy, July 19, 2011