Danish power company Dong Energy has agreed to sell its 50 per cent interest in the German offshore wind project, Borkum Riffgrund 1, in an agreement worth DKK4.7bn ($841m).

Energy Business Review reports that Kirkbi and the Oticon Foundation will purchase the wind project.

Investment from Kirkbi is worth DKK3bn ($537m), giving the company an ownership interest of 32 per cent in the development.

The Oticon Foundation will invest DKK1.7bn ($305m), representing an interest of 18 per cent, through its investment arm, William Demant Invest.

The wind farm will be able to supply CO2-free power equivalent to the annual electricity consumption to 285,000 homes.

Upon completion, the project will consist of 77 units of 3.6 MW turbines supplied by Siemens Wind Power.

Dong has also signed a 15 year agreement with the two investors for operations and planned maintenance of the wind farm.

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