Anholt

DONG Energy sold 50% of the Anholt offshore wind farm (pre-FID, about to start construction) to a consortium of PensionDanmark (30%) and PKA (20%) for DKK ~6 billion combined (EUR ~805m). This record covers PensionDanmark's 30% share. DONG Energy's announcement gives one price for the 50% and does not split it between the two funds, so this record shows the 30/50 share of it (EUR 483m). A 2013 trade-press profile gives DKK 3.8 billion for PensionDanmark's 30%. See companion record for PKA's 20% tranche. The DKK 6 billion headline figure is the equity purchase price paid in four instalments through end of 2013 (14%, 30%, 31%, 25% of price). Although payments overlapped with construction (first monopile placed 31 Dec 2011; full commission Sep 2013), independent sources confirm DKK 6bn is the equity acquisition price, not a capex-inclusive commitment. Total project cost was separately estimated at DKK ~10 billion; DONG retained construction responsibility under a fixed-price/fixed-date EPC commitment. Operating responsibility for proportionate interests transferred to pension funds on 1 April 2014. DONG retained operatorship. Transaction approval announced 10 Oct 2011 (Danish Energy Board of Appeal). Deal announced 28 March 2011 and closed Q4 2011. At closing the project was confirmed as pre-FID (FID taken 2012). Implied 100% = EUR 1,610m; EUR 4,025k/MW. Effectively priced as an operational-equivalent asset. DKK/EUR: 7.46 (pegged).

PKA acquired 20% of Anholt as part of the same consortium transaction with PensionDanmark (30%). Combined price was DKK ~6 billion (EUR ~805m) for 50%, paid in four instalments to end-2013. This record covers PKA's 20% tranche. DONG Energy's announcement does not split the price between the two funds, so this record shows the 20/50 share of it (EUR 322m). See companion PensionDanmark record. Implied 100% = EUR 1,610m; EUR 4,025k/MW. Approaching operational range upper bound despite being pre-FID; explained by secured PSO offtake at 105.1 øre/kWh for first 20 TWh and DONG's fixed-price EPC wrapper transferring all construction risk. Effectively priced as an operational-equivalent asset. DKK/EUR: 7.46 (pegged).