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DONG Energy divests 50% of Race Bank Offshore Wind Farm to Macquarie

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DONG Energy has entered into an agreement to sell 50% of Race Bank, a 573 megawatt (MW) UK offshore wind farm project, to Macquarie European Infrastructure Fund 5 and Macquarie Capital, the principal investment arm of Macquarie Group – with equal interests. As part of the transaction DONG Energy and Macquarie have agreed a framework for sharing construction risk. Race Bank is currently in advanced stages of construction and is expected to be fully commissioned in 2018.

The total transaction proceeds, consisting of the acquisition of a 50% ownership share and commitment to fund 50% of the project CAPEX including transmission assets, amount to approx. GBP 1.6 billion. The proceeds are payable from 2016 until completion of the project, which is expected in 2018 and is funded by a combination of project finance debt and equity.

“I welcome Macquarie as partner on Race Bank. They have successfully invested in infrastructure projects world-wide and have experience in offshore wind from previous investments,” said Samuel Leupold, Executive Vice President and CEO of Wind Power at DONG Energy, adding: “We have seen a high level of interest from a number of potential investors in Race Bank. This proves that our partnership model continues to be attractive.”

Mark Dooley, Head of Energy and Infrastructure, Macquarie Capital Europe added: “We are delighted to partner with DONG Energy on the Race Bank Offshore Wind Farm.  DONG Energy is an industry leader and pioneer in offshore wind power development globally. Macquarie Group launched in the UK in 1989 and has since invested GBP 6 billion of capital into European renewables - and this further demonstrates our ongoing focus and commitment to the offshore wind sector.”

Martin Stanley, Global Head of Macquarie Infrastructure and Real Assets, commented: “We have a long and successful history of investing in renewable energy around the world. Our funds have invested in wind farms, biomass power plants, photo-voltaic and hydro-electric facilities together with landfill gas generation. This investment is being made by our fifth European infrastructure fund which reached a final close earlier this year.”

DONG Energy will manage the completion of the construction phase under a construction management agreement. DONG Energy has also entered into an agreement to provide operations and maintenance services from its O&M base in Grimsby and to provide a route to market for the power production and green certificates for Macquarie’s 50% share of Race Bank.

Following the 50% divestment of Race Bank, and in combination with other factors, DONG Energy has increased its EBITDA guidance for 2016. A separate company announcement has been issued simultaneously.

Facts about Race Bank

  • The wind farm will be located approximately 16.8 miles off Blakeney Point on the North Norfolk coast and 17.4 miles off the Lincolnshire coast at Chapel St Leonards.

  • The wind farm is being built out of DONG Energy's construction base in the Grimsby Fish Dock and will be operated from DONG Energy’s O&M base in the Grimsby Royal Dock.

  • The wind farm will consist of 91 Siemens 6MW wind turbines with performance-enhancing features.

  • The wind farm will have a capacity of 573MW and will produce enough electricity to power more than 400,000 British households every year.

  • The wind farm is expected to be fully commissioned in 2018.

  • A final investment decision regarding the wind farm was taken by DONG Energy in June 2015.

For additional information, please contact:

DONG Energy Media Relations

Tom Lehn-Christiansen

+45 99 55 60 17

tomlc@dongenergy.dk

DONG Energy Investor Relations

Henrik Brünniche Lund

+45 99 55 97 22

hebrl@dongenergy.dk

Macquarie Media and Investor Relations

Victoria Mundell

+44 203 037 2031

victoria.mundell@macquarie.com

About DONG Energy

DONG Energy (NASDAQ OMX: DENERG) is one of Northern Europe's leading energy groups and is headquartered in Denmark. Approximately 6,500 ambitious employees are involved in developing, constructing and operating offshore wind farms, producing electricity and heating from our power stations, supplying energy to private and business customers and producing oil and gas. Group revenue was DKK 71 billion (EUR 9.5 billion) in 2015. For further information, visit www.dongenergy.com

About Macquarie Capital

Macquarie Capital is the advisory, capital markets and principal investment arm of Macquarie Group. Macquarie Capital provides strategic M&A and capital raising advice as well as partnering with clients by investing capital into their projects and companies. In Europe, Macquarie Capital has a strong track record in partnering with utilities and developers in building new energy, infrastructure and real estate projects.

About Macquarie Infrastructure and Real Assets (MIRA)

MIRA is part of Macquarie Asset Management, the asset management arm of Macquarie. MIRA pioneered Infrastructure as a new asset class for institutional investors. For more than 20 years we have been investing in and managing the assets that people use every day – extending beyond Infrastructure to Real Estate, Agriculture and Energy. Our dedicated operational and financial experts work where MIRA’s funds invest and their portfolio companies operate. They are part of a far reaching global team which helps clients to see across the regions and deep into local markets. MIRA has assets under management of €93 billion invested in 129 portfolio businesses, ~300 properties and 4.5m hectares of farmland*.

(*figures as at 30 September 2016)

For more information, visit www.macquarie.com

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