NEW YORK, Sept. 10, 2015 (GLOBE NEWSWIRE) — Global Infrastructure Partners (GIP), a leading independent global infrastructure investor, announced today that its fund, Global Infrastructure Partners II (GIP II), has agreed to acquire a 50% stake in the Gode Wind 1 offshore wind farm project (Gode Wind 1) from Danish integrated energy company DONG Energy for a total consideration of €780 million.
Gode Wind 1 is a 330MW offshore wind project in the German North Sea currently being constructed by DONG Energy, a leading developer and operator of offshore wind farms globally. The parties have agreed that DONG Energy will provide operation and maintenance services to Gode Wind 1 and a route to market for the power production from Gode Wind 1.
As a part of the transaction, GIP will issue a rated project bond to a consortium of leading German insurance companies, with Talanx, one of the largest German insurance groups, as cornerstone lender. This transaction marks the issuance of the first non-recourse, investment grade, certified green bond dedicated to partially finance an offshore wind farm asset in construction.
The transaction is subject to approval by the competition authorities and is expected to be completed around September 2015.
Adebayo Ogunlesi, Chairman and Managing Partner of GIP said: “We are delighted to be forming this strategic partnership with DONG Energy, a recognized leader in the energy sector and a pioneer in the development and operation of offshore wind farms. This transaction builds on GIP’s considerable experience in the renewable space and is in line with our strategy of partnering with industry leaders. We are pleased to bring GIP’s added-value investment model to the promising market for offshore wind projects.”
Samuel Leupold, Executive Vice President in DONG Energy Wind Power, said: “I’m delighted about this partnership and it is a great pleasure to welcome GIP, one of the leading global infrastructure investors, as a partner of DONG Energy.”
About Global Infrastructure Partners
Global Infrastructure Partners (“GIP”) is an independent infrastructure fund that invests worldwide in infrastructure assets and business in both OECD and select emerging market countries. GIP targets investments in single assets and portfolios of assets and companies in power and utilities, natural resources infrastructure, air transport infrastructure, seaports, freight railroad, water distribution and treatment and waste management. GIP has offices in New York and London, with an affiliate in Sydney and portfolio company operations headquarters in Stamford, Connecticut. For more information, visit www.global-infra.com.
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