wind farm

Dong Energy will however complete the construction in addition to providing operation and maintenance services to the plant, from its O&M base in Norddeich in Germany.

The company will also provide a route to market the power generated from the facility.

Talanx, serving as lead manager for a group of institutional investors, has arranged a €556m bond to GIP to finance the deal.

Talanx Asset Management chief investment officer Dr Thomas Mann said: "For the first time a group of institutional investors has been lined up by an insurer to support the financing of a landmark offshore wind project."

Talanx CFO Dr Immo Querner said: "In the long term we could potentially invest up to EUR5bn in a broadly diversified range of alternative investments."

Subject to approval by the competition authorities, the transaction is planned to be completed in the second half of 2015.

GIP chairman and managing partner Adebayo Ogunlesi said: "This transaction builds on GIP’s considerable experience in the renewable space and is in line with our strategy of partnering with industry leaders."

Featuring 55 turbines from Siemens, the Gode Wind 1 wind farm is designed to generate CO2-free power equivalent to powering approximately 340,000 German households.

The Gode Wind 1 and its neighboring wind project Gode Wind 2 are scheduled to be fully commissioned in 2016.

Dong Energy had announced in 2013 to invest € 2.2bn in Gode Wind 1 and 2 in the German part of the North Sea.

Image: The Gode Wind 1 offshore wind farm will feature 55 turbines. Photo: courtesy of DONG Energy A/S.