Danish pension fund manager PKA has sold its 22.5% interest in the 288MW Butendiek offshore wind farm in the German North Sea to a group led by Japan’s Itochu.
PKA, which bought the stake in 2013, said it has made a profit of almost Dkr1bn ($140m), more than doubling the amount invested.
The company invested in the Dkr10bn wind project when it was at the planning stage, along with Siemens and WPD, among others. It started operating in 2015.
The sale is subject to competition authority approval, it said.
PKA, which runs three labour-market pension funds in the social and healthcare sectors, has invested in five offshore wind farms to date.
“Normally we would be in this type of infrastructure investment for its full life, typically 25 years,” PKA chief executive Peter Damgaard Jensen said. “But we were able to get a solid win for our members, and we seized it.”
“A gain of nearly Dkr1bn in just three years, we can only be happy with,” he said. “Therefore we will continue our strategy of investing in alternatives – and it may very well be a new offshore wind farm, where we can combine good returns to make a positive difference for the climate.”
Image: Butendiek wind farm (WPD)
