TenneT and the Danish infrastructure fund management company Copenhagen Infrastructure Partners (CIP) have reached agreement on a joint investment in DolWin3, a 900 MW offshore grid connection for wind farms in the German part of the North Sea. CIP has committed to a capital contribution of EUR 384 million, giving the Danish firm a 67% economic stake coupled with a 49% voting interest in this sustainable energy project.
The investment company is funded by the largest Danish pension fund, PensionDanmark. The total construction costs of the DolWin3 connection are expected to amount to EUR 1.9 billion. The infrastructure will connect offshore wind farms c. 83 km from the coast developed by amongst others Dong Energy.
ABN AMRO acted as financial adviser to TenneT on all transactions.