Energy company and offshore wind developer Equinor has agreed a deal to sell a 25% ownership interest in the Arkona offshore windfarm to funds advised by Credit Suisse Energy Infrastructure Partners. The deal is valued at approximately €500M (US$545M)
Currently Equinor holds a 50% interest in the windfarm, which is in the German part of the Baltic. Following the transaction, Equinor will retain a 25% interest.
RWE Renewables (following their takeover of Eon Climate and Renewables) will remain the operator, with a 50% interest.
Equinor New Energy Solutions executive vice president says Pål Eitrheim said, “This divestment demonstrates Equinor’s ability to realise value from the development of offshore wind projects.
“Active portfolio management through the project lifecycle is an important part of our offshore wind strategy.
“Arkona was delivered under budget and on time and has had strong operational performance since start-up. Now the project is derisked and in the early phase of operations, and we are pleased to welcome Credit Suisse Energy Infrastructure Partners as a new partner.
“Offshore wind assets with prudent operators such as RWE Renewables are attractive to institutional investors. We look forward to continuing our strong and successful partnership with them,” Mr Eitrheim said.
Credit Suisse Energy Infrastructure Partners managing partner 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.”
Equinor entered the Arkona project in April 2016. Closing of the transaction is subject to approval by relevant competition authorities and is expected to take place later in Q4 2019.