PKA’s and PFA’s investment equates to a 50 percent stake in the project – the remaining 50 percent share remains with the original owners of the project, Ørsted (previously DONG Energy). The transaction value amounts to GBP 2bn.
For each of the investors, it means a direct investment of approximately GBP 330 million. In addition, the acquisition is financed through a bond issue (investment grade), which the consortium consisting of PFA and PKA is behind, to some of the world’s largest institutional investors.
Once the construction of the offshore wind farm with its 87 wind turbines is finished, it will have a total capacity of 659 MW, which corresponds to the power consumption for more than 500,000 households.
Facts about Walney Extension Offshore Wind Farm
- Ørsted (formerly known as DONG Energy) has an ownership share of 50 percent, whereas PFA and PKA each have an ownership share of 25 percent
- Situated in the Irish Sea more than 19 km from Walney Island in Cumbria and covering an area of 145 km2 the Wind Farm extends beyond the 12 nautical miles boundary of territorial waters
- The wind farm will have a total capacity of 659 MW and will thus be able to provide electricity to more than half a million UK homes.
- The wind farm will include 87 offshore wind turbines. MHI Vestas Offshore Wind will build 40 wind turbines of the type V164-8.0 MW, whereas Siemens Gamesa will build 47 wind turbines of the type SWT-7.0 MW-154 turbines.
- When Walney Extension has become fully operational, it will outdistance London Array and take the position as the world’s biggest operating offshore wind farm.
The transaction is subject to approval by relevant competition authorities and is expected to be completed by the end of the year.
