PKA and PFA Pension acquire 50% of the world’s largest offshore wind farm in landmark deal01.11.2017
A consortium between the PKA pension funds and PFA Pension has acquired 50% of, what is to become the world’s largest offshore wind farm, Walney Extention located in the Irish Sea, 19 kilometres off the coast of Cumbria in North West England.
As a part of the transaction, the PKA/PFA joint investment entity will issue rated project bonds to a consortium of lenders, which will be the first issuance of a non-recourse, investment grade, certified green bond to finance an offshore wind farm asset under construction in the UK.
Walney Extension is currently being constructed and will consist of 40 V164-8.00MW wind turbines and 47 SWT-7.0-154 wind turbines adding up to an expected annual power production equivalent to the annual electricity consumption of more than 500,000 households.
The transaction is the largest of its kind between Ørsted (formerly DONG Energy) and Danish institutional investors with a total consideration of approx. DKK 17bn.
Bruun & Hjejle has assisted PKA and PFA Pension in the negotiations and advised on the transaction documentation and structuring of the transaction.
The transaction underlines Bruun & Hjejle’s long standing commitment to alternative investments and investment structures.
For further information, please contact:
Mogens Thorninger, Partner +45 30 18 87 30