PKA is leading a consortium of four Danish labour market pension funds to buy half an offshore wind farm project for DKK4.5bn (€603m).

The consortium, which includes industrial-sector pension fund Industriens Pension, teachers’ fund Lærernes Pension and doctors’ fund Lægernes Pension, will acquire a 50% stake of the Gode Wind 2 German offshore wind farm project from Danish energy company DONG Energy, according to an agreement signed yesterday.

The total sales price will be paid to DONG Energy between 2014 and 2016.

When the deal is complete, PKA will hold 24.75% of the project, Industriens Pension 10.5% and Lærernes Pension 8.75%, with 6% belonging to Lægernes Pensionskasse.

PKA’s individual investment in the wind farm will be DKK2.2bn, while Industriens Pension is investing DKK940m.

Peter Damgaard Jensen, PKA’s chief executive, said: “PKA will continue investing in such projects, since they are in line with the wish for a sustainable return and our members’ demand to make a positive impact on the climate.” 

He said Gode Wind 2 was the fourth offshore wind farm in which PKA had invested.

Industriens Pension’s chief executive Laila Mortensen said that, by investing in the project, the pension fund would secure a long-term stable return on investment for its members.

Lægernes Pensionskasse said the investment fit well with its existing portfolio.

Construction of the installation is expected to start next year, with full commissioning of the wind farm – and neighbouring wind farm Gode Wind 1 – expected in 2016.

DONG Energy is to operate and maintain the wind farm as well as provide a route to market for the power it produces, according to the agreement.

Gode Wind 2 will have an output capacity of 252 MW and be able to supply carbon-free power equivalent to the annual electricity consumption of more than 260,000 households, DONG Energy said.

It will be built in the German part of the North Sea, about 45km off the north-western coast of Germany.