Equinor has entered into an agreement to sell a 25% ownership interest in the 385MW Arkona offshore wind farm in the Baltic Sea to Credit Suisse Energy Infrastructure Partners.
The closing of the €500m transaction is expected to take place later in the fourth quarter of 2019.
The deal marks Credit Suisse Energy Infrastructure Partners’ first offshore wind investment.
After the transaction Equinor’s interest in Arkona will reduce to 25%, while RWE Renewables, following its takeover of Eon Climate and Renewables), will remain the operator with a 50% interest.
Equinor new energy solutions executive vice president Pal Eitrheim said: “Active portfolio management through the project life cycle is an important part of our offshore wind strategy. Arkona was delivered under budget and on time and has had strong operational performance since start-up.
“Now the project is de-risked and in the early phase of operations, and we are pleased to welcome Credit Suisse Energy Infrastructure Partners as new partner.
Offshore wind assets with “prudent operators such as RWE Renewables” are attractive to institutional investors, according to Eitrheim.
Credit Suisse Energy Infrastructure Partners managing director Roland Dorig said: “We are delighted to invest alongside two of the most experienced offshore wind players in the sector, as well as expanding on our existing relationship with RWE Renewables.
“Arkona is our first investment in the offshore wind market, a sector we have identified as a key investment priority.”
Equinor entered the Arkona project in April 2016. The wind farm became operational earlier this year.