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Borkum Riffgrund 1 wind farm

When completed Borkum Riffgrund 1 will consist of 77 3.6 MW wind turbines from Siemens Wind Power. The wind farm will be able to supply CO2-free power equivalent to the annual electricity consumption of more than 285,000 households.

KIRKBI and the Oticon Foundation invest DKK 3 billion and DKK 1.7 billion respectively

KIRKBI participates in the buying consortium with an investment of DKK 3 billion, giving it an ownership interest of 32 per cent. The Oticon Foundation will invest DKK 1.7 billion, giving it an ownership interest of 18 per cent.

KIRKBI A/S and the Oticon Foundation will pay the purchase price in four installments, starting at the end of 2012 and paying the last installment at the end of 2015.

First partnership of its kind with privately owned companies

DONG Energy has previously entered into partnership agreements with institutional investors on investment in renewable energy generation, but the agreement with KIRKBI and the Oticon Foundation is its first agreement with privately owned companies.

View DONG Energy’s profile on stateofgreen.com

Anders Eldrup, CEO of DONG Energy:

”The agreement is a major step forward for DONG Energy's partnership model for financing offshore wind farms. The market for offshore wind has seen strong growth in recent years because a number of countries wish to switch to green energy. This has led to a great need for external capital, and I am therefore pleased that we are also able to attract capital from privately owned companies and industry..”

Long-term investments for both KIRKBI A/S and the Oticon Foundation

For KIRKBI A/S, which owns 75 per cent of the LEGO Group, this is a sound, long-term investment contributing with more renewable energy to society.

“One of our fundamental values is that we want to help enable future generations of children to grow up in a better world. In the field of renewable energy our objective is an ambitious one – and I am very pleased at this time to be able to announce this investment,” says Jørgen Vig Knudstorp, LEGO Group CEO.

The Oticon Foundation also views the construction of the wind farm as a good, long-term financial investment and an important step towards achieving a positive balance on the Group’s energy balance.

” We would like to take our share of the responsibility for meeting the energy challenges of the future, and we therefore consider this considerable investment in renewable energy as a very positive step that far exceeds our own consumption as a company,” says Søren Nielsen, CEO of Oticon A/S.

For more information on Borkum Riffgrund 1 and to read the full article visit DONG Energy’s website.