Half of Walney Extension Officially in Hands of PKA and PFA

Ørsted completed the divestment of 50% of its 659MW Walney Extension offshore wind farm to PKA and PFA today, 10 November.  

The total sales price of approximately GBP 2 billion comprises the acquisition of a 50% ownership share and the commitment to fund 50% of the payments under the EPC contract for the entire wind farm, including the transmission assets. The acquisition price will be paid in 2017, and the EPC contract payments during 2017 and 2018.

Selling half of an offshore wind project is not an unusual move for Ørsted, former DONG Energy, who have already done this with several offshore wind farms so far.

Each of the new Walney Extension investors has obtained a 25% ownership interest in the wind farm, currently under construction and to be built by Ørsted under a full-scope EPC contract.

Ørsted will also provide long-term operations and maintenance services from its O&M base in Barrow-in-Furness, as well as a route to market for the power generation from the wind farm.

Walney Extension will become the world’s largest offshore wind farm once commissioned in the second half of 2018.