The parent of toymaker Lego boosted its investments in offshore wind, joining the Danish pension fund PKA A/S to buy half of an unbuilt 258-MW project in the U.K. from Dong Energy.
Kirkbi A/S and PKA agreed to pay about 660 million pounds ($956 million) and will each own 25 percent of the Burbo Bank Extension project, off the coast of Liverpool, U.K, according to a statement on Dong’s website.
The wind farm is due to be completed in 2017 and will be the first to use the 8-MW wind turbine produced by MHI Vestas Offshore Wind A/S.
The deal represents Kirkbi’s second offshore wind investment, after buying a stake in the Borkum Riffgrund 1 offshore wind farm in 2012. It’s PKA’s fifth offshore wind investment, as part of a strategy to divest from coal and increase investments in renewable energy.
“In the spring of 2015 we blacklisted 31 coal companies, which have since lost more than 60 percent of their value,” said Peter Damgaard, chief executive of PKA. ”In the same period, the return on our offshore wind farms has been more than 7 percent.”