Vesterhav Nord & Syd

Under Danish law (Lov om fremme af vedvarende energi, the Renewable Energy Act), offshore wind farms located in Danish waters are subject to mandatory local community co-ownership provisions. Vattenfall was required to offer up to 20% of the equity in each of the Vesterhav Syd (168 MW) and Vesterhav Nord (176 MW) wind farms to residents and eligible holiday-home owners in the adjacent municipalities. For Vesterhav Syd: the share sale process closed on 6 July 2023. Approximately 73,000 shares (out of ~156,000 offered) were purchased by around 2,615 local buyers from Ringkøbing-Skjern Municipality. For Vesterhav Nord: the share sale process also closed in 2023 Q3, covering eligible residents in Lemvig and Thisted municipalities. The combined capacity of the two farms is 344 MW (168 + 176 MW), comprising 41 Siemens Gamesa 8.4 MW turbines. Both farms were inaugurated in September 2024 (they entered commercial operation in 2024). CRITIC NOTE: This is a statutory community ownership requirement, not a conventional institutional M&A transaction. The maximum stake for community owners is 20% of each farm; the actual take-up was approximately 47% of the Vesterhav Syd offer (73k of 156k shares = ~9.4% of the farm), suggesting total community stake is significantly below the 20% maximum. The community shares are not tradeable on any secondary market. Data confidence: LOW (statutory programme; aggregate consideration undisclosed). Minor: held investment tables still list Vesterhav at 100% after the sale (likely table convention).