Scottish and Southern Energy plc (SSE.L) said that it has entered into an agreement with Dong Energy to acquire a 25.1% stake in the 367 megawatt or MW Walney offshore wind farm which is being built 14km west of the Isle of Walney in the Irish Sea. Dong Energy will retain a 74.9% stake.
To acquire the stake in Walney, SSE will pay to Dong Energy a total consideration of up to about £39 million of which about £17 million is subject to the operational performance of the wind farm. As a shareholder in the project, SSE will pay its pro rata share of the construction costs with payments being made when each phase of the wind farm is commissioned.
In December 2009, SSE and Dong Energy announced an agreement to form a 50:50 joint venture to develop three offshore wind farms in the Dutch sector of the North Sea with a total capacity of just over 1,000MW.
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