Global Infrastructure Partners to acquire a 50 % stake in DONG Energy’s German offshore wind farm project, Gode Wind 1, bond financed by German insurance companies
DONG Energy today signed an agreement to divest 50 per cent of the 330MW German offshore wind construction project, Gode Wind 1, to Global Infrastructure Partners (GIP), a leading global, independent private equity infrastructure investment fund. The total sales price amounts to approximately € 780 million (DKK 5.8 billion) which will be paid in the period 2015 to 2016.
As a part of the transaction, GIP will issue a rated project bond to a consortium of renowned German insurance companies with Talanx, one of the largest German insurance groups, as cornerstone lender. The development of a rated bond structure that facilitates the provision of institutional debt to offshore wind construction projects was initiated and led by DONG Energy and implemented with the strong support from GIP and Talanx. This transaction marks the issuance of the first non-recourse, investment grade, certified green bond dedicated to part finance an offshore wind farm asset under construction. ….