September 02, 2011

Marubeni Corporation to Co-Own Gunfleet Sands Offshore Wind Farm

Marubeni Corporation has entered into an agreement with DONG Energy in which Marubeni will acquire a 49.9% stake in DONG Energy’s 172MW Gunfleet Sands offshore wind farm.

Marubeni will pay DONG Energy a cash consideration of approximately £200 million for the 49.9% stake in Gunfleet Sands. Completion of the transaction is conditional on, among other things, Marubeni obtaining project financing commitments from financial institutions. Completion is expected to take place sometime during the 4th quarter of 2011.

The wind farm, located in the Thames Estuary off the Essex coast, produces green power corresponding to an annual power consumption of some 125,000 British households. The wind farm first started producing green power in August 2009, and the entire wind farm went into production in the spring of 2010.

DONG Energy and Marubeni have also agreed to a long-term purchase agreement for the power production and green certificates stemming from Marubeni's share of Gunfleet Sands wind farm.

With the acquisition, Marubeni’s total worldwide power generating capacity will come to 8,796MW (net), including 450MW of renewable energy assets.

About DONG Energy

DONG Energy is one of the leading energy groups in Northern Europe. It is headquartered in Denmark. Their business is based on procuring, producing, distributing and trading in energy and related products in Northern Europe. They have approximately 6,000 employees and generated DKK 55 billion (EUR 7.3 billion) in revenue in 2010.

DONG Energy is strongly involved in the production and expansion of renewable energy in the UK. The company currently operates the offshore wind farms Gunfleet Sands (172 MW), Burbo Bank (90 MW), Barrow (90 MW) and Walney 1 (184 MW). In addition, DONG Energy is involved in building four new major UK offshore wind farms, including what will be the world's largest offshore wind farm, London Array (630 MW), scheduled to enter into operation in 2012. (www.dongenergy.com)

About Gunfleet Sands offshore wind farm

Gunfleet Sands offshore wind farm is located approximately 7km south-east of Clacton-on-Sea, Essex. The project consists of two parts, Gunfleet Sands 1 with 30 turbines and Gunfleet Sands 2 with 18 turbines. The capacity of each turbine is 3.6MW, giving the Gunfleet Sands project a total capacity of 172MW. The rotor diameter of the turbines is 107m, with a maximum height of 129m from blade tip to sea level.

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