09 Mar 2011 10:03:01
PNE gets payment for Borkum Riffgrund I
Denmark-based energy group Dong Energy has officially advised wind farm developer PNE Wind that it has decided to construct and finance the offshore wind farm Borkum Riffgrund I in the North Sea. PNE Wind sold this project to Dong Energy at the end of 2009. However, PNE Wind is continuing to develop this project as service provider on behalf of Dong Energy.
For its part, Dong Energy plans to commence the construction of Borkum Riffgrund I, its first German wind farm, in 2013, investing about €1.25 billion. First power production is expected in 2014. The wind farm will be situated in the North Sea, approximately 55 km off the north-west coast of Germany. Borkum Riffgrund 1 will consist of up to 89 3.6 MW turbines from Siemens Wind Power with a total capacity of 320 MW. Siemens will be responsible for supply, installation and commissioning of the wind turbines over an area of 36 square kilometres and at water depths of as much as 29 metres.
In addition, Dong Energy is also developing the offshore wind farm Borkum Riffgrund II, having also purchased it from PNE at the end of 2009.
It has also emerged that PNE has received milestone payment for the Borkum Riffgrund I project. According to PNE, at the time of sale, milestone payments for reaching additional specified stages in the development of this project were agreed. One of these milestones is the decision concerning the construction and financing of the project. Thus, PNE is receiving a further milestone payment amounting to €6.4 million.