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DONG Energy acquires full ownership of Hornsea Project One
offshore wind
farm development
2015-Feb-04
+ + + DONG Energy has
acquired the remaining 66.66% ownership interest in the UK offshore wind
development Hornsea Project One from its joint venture partner SMart Wind.
SMart Wind is a 50/50 joint venture between Mainstream Renewable Power and
Siemens Financial Services. Hornsea Project One has a total capacity of up
to 1.2GW, which will make it the world’s largest offshore wind farm once
completed.
DONG Energy entered into the joint venture with
SMart Wind in December 2011, with an option to acquire the remaining
66.66% ownership interest upon the development project receiving consent
from the Secretary of State for Energy and Climate Change. Consent was
granted in December 2014 and DONG Energy, having exercised its option, has
become the sole owner of the project.
Hornsea Project One is
located 120km off the Yorkshire coast and covers approximately 407 square
kilometres. When completed, Hornsea Project One will be able to meet the
electricity needs of around 800,000 UK homes.
Samuel Leupold,
Executive Vice President of DONG Energy Wind Power, said: “The size and location of Hornsea Project One
makes it the world’s first offshore wind farm with a capacity of more than
1GW located far from shore, and it brings some great opportunities for us
and the supply chain to take advantage of economies of scale and further
drive down the cost of electricity."
Samuel Leupold said:
“We will now continue on our own to develop the project towards a final
investment decision. The size of the project and the excellent wind
conditions at site together with our strong focus on cost will make
Hornsea one an important milestone towards the 100 Euro/MWh target. While
the project is huge in size, it can be realized with technology which DONG
Energy masters, though no one else has ever built offshore wind in that
scale so far from the coast.”
Hornsea Project One is
one of the three projects for which DONG Energy was awarded a Final
Investment Decision Enabling contract (Contract for Difference) by the UK
Government in April last year. With the Contract for Difference, DONG
Energy will receive a fixed price per MWh of electricity produced for the
first 15 years of operation. Hornsea Project One is expected to enter into
commercial operation around 2020, provided that a final investment
decision will be taken.
The information
provided in this announcement does not change DONG Energy’s previous
financial guidance for the 2014 financial year or the announced expected
investment level for 2014-2015.
Source: Rune Birk Nielsen, Allan Bødskov Andersen,
www.dongenergy.com
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