Nysted (Rodsand 1)

Original project JV formation: Nysted Offshore Wind Farm (Rødsand I) was constructed under a three-party consortium mandated by the Danish Ministry of Environment and Energy in 1998. The original ownership structure was: Energi E2 50% (lead developer/operator), DONG Energy 30%, E.ON Sweden 20%. Wind farm construction took place 2002–2003; commissioned Q4 2003. Project was awarded to Energi E2 as lead partner under the Danish government's demonstration programme. No equity cash changed hands at formation (government-mandated construction scheme). Full commission achieved late 2003. Subsequent DONG Energy merger with Elsam/Energi E2 (2006) absorbed Energi E2's 50% stake into DONG, making DONG the 80% majority holder. See merger record below.

DONG Energy's merger with Elsam and Energi E2 (approved by European Commission 14 March 2006, Case COMP/M.3868) absorbed Energi E2's 50% stake in Nysted into DONG Energy, consolidating DONG from 30% to 80% ownership. E.ON Sweden retained its 20% stake unchanged. This was a corporate merger (DONG acquired all of Energi E2 and Elsam), not a direct asset sale; no standalone deal value is attributable to the Nysted stake specifically. Post-merger structure: DONG Energy 80%, E.ON Sweden 20%.

DONG Energy sold 50% of Nysted to PensionDanmark in September 2010 for DKK ~700 million (EUR ~93.8m). This was the first-ever direct investment by a pension fund in an offshore wind farm and marked a landmark for institutional capital entry into the sector. As part of the deal, DONG provided an operating guarantee (fixed revenue floor) to PensionDanmark to protect against electricity price drops, while DONG retained upside if power prices increased above the guarantee level. PensionDanmark took operational responsibility in proportion to its 50% stake from closing (Q4 2010). Deal value: DKK 700m / 7.46 = EUR 93.8m. Implied 100% project value = EUR 93.8m / 0.50 = EUR 187.7m. Implied EUR/MW = EUR 187.7m / 166 MW = EUR 1,130k/MW. This is below the typical operational range (EUR 1,800k–4,500k/MW) but explicable: (a) the project was commissioned in 2003 with early-vintage PSO tariff declining over time; (b) DONG retained the price upside via the profit-sharing guarantee; and (c) PensionDanmark was acquiring a yield-focused instrument, pricing primarily on contracted revenue. Infrastructure Investor reported EUR ~94m; multiple sources confirm DKK 700m (some report DKK 670m; DKK 670m/7.46 = EUR 89.8m; taking EUR ~94m as more widely cited). Original DKK: ~700m. Note: Transaction announcement confirmed conditions fulfilled 10 November 2010 (Ørsted company announcement).

DONG Energy transferred a 7.25% stake in Nysted to Stadtwerke Lübeck as part of an asset swap: DONG received Stadtwerke Lübeck's 25.1% shareholding in a DONG-controlled German sales subsidiary (DONG Energy Sales GmbH), and Stadtwerke Lübeck received the 7.25% stake in Nysted Offshore Wind Farm. The deal was announced 30 September 2010 and closed December 2010 (all regulatory/competition conditions fulfilled per Ørsted company announcement December 2010). Post-closing ownership: DONG Energy (via DONG Energy Nysted I A/S) 42.75%, Stadtwerke Lübeck 7.25%, PensionDanmark 50%. The equity stake in Nysted was exchanged for the German sales company stake; no monetary valuation was made public by either party. Note: Seller canonical name is Ørsted (DONG Energy at time); buyer is Stadtwerke Lubeck (German municipal utility, Lübeck, Germany).

E.ON sold its 20% stake in Nysted to DONG Energy in September 2010 for DKK 300 million (EUR ~40.2m). This was part of a broader restructuring in which DONG simultaneously sold 50% of the entire project to PensionDanmark (see companion farmdown record). Seller entity: E.ON (Sweden) — previously held 20% since original JV formation 2001; buyer entity: DONG Energy (Ørsted). This increased DONG's stake from 80% to 100% temporarily, before the PensionDanmark farmdown closed. Deal value: DKK 300m / 7.46 = EUR 40.2m. Implied 100% project value = EUR 40.2m / 0.20 = EUR 201.1m. Implied EUR/MW = EUR 201.1m / 166 MW = EUR 1,211k/MW. This is within the lower bound of the operational range (EUR 1,800k/MW typical) and reflects the vintage (2010), subsidy structure, and the fact that this was a simultaneous package deal with the PensionDanmark farmdown. Note: buyer and seller are the same canonical entity name (Ørsted) due to the E.ON-to-DONG direction; seller here is E.ON (Sweden) and buyer is DONG Energy. The companion PensionDanmark farmdown at DKK 700m for 50% implies a 100% value of DKK 1,400m (EUR 188m) — somewhat lower, reflecting profit-sharing structure and DONG operating guarantee.