Equinor to sell half of its stake in offshore wind farm in Germany
Equinor is set to sell half of its ownership in 385 MW Arkona offshore wind farm in the German Baltic Sea for a total amount of approximately EUR500 million (US$549 million).
Equinor has entered into an agreement to sell a 25% ownership interest in the Arkona offshore wind farm to the funds advised by Credit Suisse Energy Infrastructure Partners AG.
Currently, Equinor holds a 50% interest in the wind farm located in the German part of the Baltic Sea. Following the transaction, Equinor will retain a 25% interest. RWE Renewables (following their takeover of E.ON Climate and Renewables) will remain the operator with a 50% interest.
Equinor entered the Arkona project in April 2016.
The closing of the transaction is subject to approval by relevant competition authorities and is expected to take place later in the fourth quarter of 2019 including customary purchase price adjustments.
Managing partner of Credit Suisse Energy Infrastructure Partners, Roland Dörig said - “We are delighted to invest alongside two of the most experienced offshore wind players in the sector, as well as expanding on our existing relationship with RWE Renewables. Arkona is our first investment in the offshore wind market, a sector we have identified as a key investment priority.”
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