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BRIEF-DONG Energy divests 50 pct of Race Bank wind farm to Macquarie
December 21, 2016 / 1:23 PM / a year ago

BRIEF-DONG Energy divests 50 pct of Race Bank wind farm to Macquarie

Dec 21 (Reuters) - Denmark’s DONG Energy

* Says has entered into an agreement to sell 50 percent of Race Bank, a 573 megawatt UK offshore wind farm project, to Macquarie European Infrastructure Fund 5 and Macquarie capital

* Says total transaction proceeds from divestment, consisting of acquisition of a 50 percent ownership share and commitment to fund 50 percent of project CAPEX including transmission assets, amount to approx. GBP 1.6 billion

* Says as part of the transaction DONG Energy and Macquarie have agreed a framework for sharing construction risk

* Says Race Bank is currently in advanced stages of construction and is expected to be fully commissioned in 2018

* Says the proceeds are payable from 2016 until completion of the project, which is expected in 2018 Source text for Eikon: Further company coverage: (Reporting by Annabella Pultz Nielsen)

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