• Dong Energy will retain a 50 percent stake in project
  • Talanx arranging a project bond to support GIP's acquisition

Global Infrastructure Partners, or GIP, will pay 780 million euros ($879 million) for a 50 percent stake in the Gode Wind 1 offshore wind project being constructed by Denmark’s Dong Energy A/S.

As part of the deal, GIP will issue bonds to German insurance companies, including Talanx AG, the New York-based investor said in a statement Thursday. Dong Energy, will retain 50 percent ownership in the project, spokesman Rune Birk Nielsen said Thursday by telephone.

Dong will also continue to handle operations and maintenance of the 330-megawatt project, which it is building in the German North Sea. The company expects the transaction to close before year-end, it said Thursday in a statement.

Talanx said in a statement Thursday that it is arranging a 10-year 556 million euro bond to finance GIP’s acquisition. Talanx plans to contribute 320 million euros. Other investors will include German insurance companies and asset managers.

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