Equinor ASA will divest a 25% ownership interest in the 378-MW Arkona offshore wind project in the German Baltic Sea for approximately €500 million.
The Norwegian company currently holds a 50% interest in the wind farm. Under the transaction, it will sell half of its stake to funds advised by Credit Suisse Energy Infrastructure Partners AG and retain the remaining 25%.
Arkona started supplying power to the German grid in September 2018 and reached peak production in 2019. The facility sells its output to Engie SA under a power purchase agreement.
Described as the largest offshore wind farm in the Baltic Sea, Arkona is in the German Exclusive Economic Zone, 35 kilometers northeast of the island of Rügen. It features 60 turbines from Siemens Gamesa Renewable Energy SA, which also carried out the construction work.
RWE AG subsidiary RWE Renewables will remain the operator of the project with a 50% ownership interest, according to an Oct. 3 release.
"Arkona was delivered under budget and on time and has had strong operational performance since start-up. Now the project is de-risked and in the early phase of operations," Equinor New Energy Solutions Executive Vice President Pål Eitrheim said.
Subject to certain competition authorities' approvals and customary purchase price adjustments, the transaction is expected to close later in the fourth quarter of 2019.
