Danish Developers take over Open Door wind farms

In: CorporateWindfarms
European Energy Offshore A/S has acquired an additional 50% in two Danish Open Door wind farms to become the sole owner of both projects. The Omø Syd and Jammerland Bugt nearshore wind parks have a combined capacity of 560 MW and are expected to enter operations in 2023.

European Energy started developing the projects in 2012 through the 'open door' procedure. NIBC Bank N.V. and Boralex previously held a 50% stake in the
Omø Syd and Jammerland Bugt, respectively, alongside European Energy. But the Danish developer has confirmed that it is now the sole owner.

The carrying amount of the investments in the joint ventures before the date of acquisition was EUR 1.8 million. The purchase price of 50% of the shares amounted to EUR 3.2 million. The purchase price comprises a contingent consideration of EUR 2.8 million dependent on receipt of approvals among others. Overall European Energy has reported a "solid start for the first half year".

The Danish Energy Agency gave the green light for the preliminary environment impact assessments for both projects in May.

At the time Knud Erik Andersen, CEO of European Energy, said: "I am very pleased that after eight years, we can finally make the step from the applications phase and into the development phase with our two nearshore wind power parks Omø Syd and Jammerland Bugt. At European Energy, we go to work every day to move the green transition forward. We look forward to seeing our nearshore wind power parks supply more than 500.000 Danish households with green energy and reduce CO2-emissions by 750.000 tons every year. We see this as a considerable and central contribution to the Danish government’s efforts to see CO2-emissions reduced by 70 percent in 2030.”

European Energy is now moving into the development phase and will initiate technical inspections of the seabed at the project sites. The collected data will feed into the process of designing the projects and obtaining approvals and licenses from the authorities.

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