Eurowind Energy and Wind Estate have formed a joint venture in Denmark to control 186MW of operational capacity and explore new development opportunities.
Under the agreement, the pair will set up K/S Blue Holding, which after the transaction will control a total of 186.3MW from the Overgaard wind parks near Randers and Norre Okse So near Brovst.
Eurowind Energy, led by chief executive Jens Rasmussen (pictured, left), contributes 28 turbines at Overgaard (96.9MW) and 11 turbines at Norre Okse So (39.6MW) to partnership.
Wind Estate, headed by chief executive Ane Mette Lysbech-Kleis (pictured, right), contributes with 16 turbines at Overgaard (49.8MW). Additionally, Wind Estate will pay a undisclosed sum to Eurowind Energy.
The parties have chosen not to disclose details about the financial aspects of the transaction but can confirm that the total value exceeds DKK3bn (€0.4bn).
The total capacity of the Overgaard Wind Park, at 146.7MW, makes it Denmark’s largest onshore park by far, nearly twice the size of the second-largest, Vindpark Thorup-Sletten, at 77MW.
Wind Estate chief executive Ane Mette Lysbech-Kleis said: “We have historically had a strong collaboration with Eurowind, based on a good relationship, integrity, and mutual trust.
“It is, therefore, a natural next step to formalize this partnership and harvest synergies across our businesses, benefiting both the local area and both companies.
“The collaboration opens up opportunities that neither of us could achieve alone. And when the turbines stand side by side, as in Overgaard, it makes sense to explore how we can jointly optimize the operation and further develop the area.”
Eurowind Energy chief executive Jens Rasmussen said: “We are pleased that we can elevate our cooperation to a new level for the benefit of all.
“By consolidating all the turbines in Denmark’s largest wind park, we maximize the value of the park.
“The collaboration benefits both companies, but also the landowners, shareholders, and the local community.
“We have several other joint interests, so it is certainly possible that we will further enhance our cooperation with Wind Estate, both in Denmark and abroad.”
The partnership said the tie-up presents several new opportunities, including the potential to collaborate on further development in the Overgaard area, within both solar and wind energy.