DONG Energy sells Walney wind farm stake
COPENHAGEN, DENMARK - Danish state-controlled oil and gas group DONG Energy said it signed a deal to sell 25.1 percent of its Walney offshore wind farm to Scottish and Southern Energy.
SSE will pay up to around 39 million pounds (US $62.5 million) for the stake in the 367 megawatt farm in the Irish Sea, of which around 17 million pounds is subject to operational performance, the Danish utility said in a recent statement.
SSE will pay a pro rata share of construction costs, said DONG Energy, which will keep the remaining 74.9 percent stake.
DONG Energy expects the cost of constructing Walney to total just under 1 billion pounds ($1.6 billion). The wind farm is expected to enter commercial operation in two phases in 2011.
Related News
Manitoba Hydro's burgeoning debt surpasses $19 billion
WINNIPEG - Manitoba Hydro's debt load now exceeds $19 billion as the provincial Crown corporation grapples with a shrinking net income amid ongoing efforts to slay costs.
The utility's annual report, to be released publicly on Tuesday, also shows its total consolidated net income slumped from $71 million in 2016-2017 to $37 million in the last fiscal year.
It said efforts to restructure the utility and reduce costs are partly to blame for the $34 million drop in year-over-year income.
These earnings come nowhere close, however, to alleviating Hydro's long-term debt problem. The figure is pegged at $19.2 billion this fiscal year, up…
