Dong selects PSP Investments-Borealis-CGN consortium as final bidder for Walney Extension stake – sources

16 March 17 – A consortium of PSP Investments, Borealis and China General Nuclear Power (CGN) has been selected as the final bidder for Dong Energy’s [CPH:DENERG] 50% stake in Walney Extension‘s UK offshore wind farm, a source familiar with the situation and a source briefed said.

The consortium is in exclusivity talks with Dong, and the deal is expected to be valued at around GBP 2bn, the sources said.

Walney Extension is located in the Irish Sea, off the coast of Cumbria, northwest England. It is under construction, and is targeted to be operational in 2019, according to Dong’s website. The wind farm will have an installed capacity of 660 MW and comprise 90 windmills, according to Dong.

This news service reported in January that Dong had hired Citi to advise on the sale.

Allen & Overy and Watson Farley & Williams are Dong’s legal advisers on the deal, the two sources said. RBC and Clifford Chance are advising the buying consortium on the deal, they said.

Dong, CGN, Borealis, PSP, RBC, Clifford Chance, Allen & Overy, Citi, and Watson Farley & Williams did not respond to requests for comment.

By Katie McQue

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