Equinor Sells 25% Stake German Offshore Wind Farm for €500 mn

Equinor has sold a 25 percent ownership interest in the Arkona offshore wind farm to Credit Suisse Energy Infrastructure Partners for EUR 500 million.

Norwegian multinational energy company Equinor has announced that it has entered into an agreement for the sale of 25 percent ownership (94-95 MW) interest in the Arkona offshore wind farm off the coast of Germany, to funds advised by Credit Suisse Energy Infrastructure Partners for a total amount of approximately EUR 500 million.

Currently, Equinor holds a 50 percent interest in the wind farm located in the German part of the Baltic Sea. Following the transaction, Equinor will retain a 25 percent interest and RWE Renewables (following their takeover of E.ON Climate and Renewables) will remain the operator with a majority 50 percent interest.

Pål Eitrheim, executive vice president in New Energy Solutions in Equinor said that this divestment demonstrated the firm’s ability to realise value from the development of offshore wind projects.

“Active portfolio management through the project life cycle 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 de-risked and in the early phase of operations, and we are pleased to welcome Credit Suisse Energy Infrastructure Partners as a new partner.”

The Arkona wind farm is in the German part of the Baltic Sea, 35 km northeast of the Rügen island in Germany. The wind farm consists of 60 six-megawatt turbines and the first power from the wind farm was supplied to the grid in September 2018, and all 60 turbines have been generating power since November 2018. The wind farm has a nameplate capacity of 378 MW and an export capacity of 385 MW and supplies energy equivalent to the demand of 400.000 households.

“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,” said Roland Dörig, managing partner of Credit Suisse Energy Infrastructure Partners.