Hengeler Mueller advises DONG Energy on the divestment of a 50% stake in offshore wind farm Gode Wind 1 to Global Infrastructure Partners and on the structuring of the financing

10. September 2015

DONG Energy signed an agreement to divest of a 50% stake in the German offshore wind farm Gode Wind 1 with Global Infrastructure Partners. The purchase price amounts to approximately EUR 780 m.

Global Infrastructure Partners will in part finance the acquisition by issuing “green bonds” to a consortium of German insurance companies let by Talanx. DONG Energy is currently constructing the project with a capacity of 55 turbines and 330 MW and will provide operation and maintenance services and market the power production.

The bond product was developed to facilitate the provision of institutional debt to offshore wind construction projects. This transaction marks the issuance of the first non-recourse, investment grade, certified green bond dedicated to part finance an offshore wind farm asset under construction.

Hengeler Mueller advised DONG Energy on the divestment and the structuring of the financing. The Hengeler Mueller team included partners Nicolas Böhm, Jens Wenzel (both M&A, Berlin), Jan D. Bonhage (Public Law, Berlin), Nikolaus Vieten, Ralph Defren (both Financing, Frankfurt), Thorsten Mäger (Antitrust, Düsseldorf) and Martin Klein (Tax, Frankfurt), counsel Andreas Breier (M&A/Energy, Berlin) as well as associates Sebastian Schneider, Torsten Göcke, Alexander Bekier, Maike Hölty, Marvin Vesper-Gräske (all M&A, Berlin), Marc Roberts, Fabian Quast (both Public Law, Berlin), Jörg Meinzenbach (Antitrust, Düsseldorf) and Gunther Wagner (Tax, Frankfurt). Responsible for this transaction within Dong Energy’s in-house legal department was Ann Maj Frandsen.