Carnegie acted as exclusive financial adviser to a Danish pension fund consortium
Carnegie advised PKA, Industriens Pension, Lærernes Pension and Lægernes Pensionskasse in the acquisition of a 50 per cent stake in the 252 MW German offshore wind farm project Gode Wind 2.
The acquisition makes 840,000 pension savers co-owners of the wind farm project, which upon completion is expected to provide CO2-free power equivalent to the annual electricity consumption of more than 260,000 private households.
The total sales price amounts to approximately EUR 600 million (DKK 4.5 billion), payable in the period from 2014 to 2016. At completion of the transaction, PKA will own 24.75 per cent of Gode Wind 2, while Industriens Pension acquires 10.5 per cent, Lærernes Pension 8.75 per cent and Lægernes Pensionskasse 6 per cent.
The transaction is a sign of Danish pension funds’ continued commitment to carry out their members’ ambitions to secure attractive returns while at the same time taking part in significant efforts to combat climate change.
In connection with the ownership change, DONG Energy has agreed to provide maintenance services to the wind farm from its O&M base in Norddeich, and to provide a route to market for the power production of Gode Wind 2.