July 22, 2008
E.ON UK and Dong Energy Buy Out Shell’s Stake in London Array
E.ON UK has partnered with Danish utility Dong Energy to buy out Royal Dutch Shell's stake in the London Array offshore wind farm for an undisclosed sum.
The two companies will now become 50-50 partners in the project, which reportedly has the potential to generate enough power to supply a quarter of Greater London homes.Shell has committed to leave its staff in the project until the end of 2008 to enable a smooth transition and handover.
Paul Golby, CEO of E.ON UK, said: "We are pleased that, together with Dong Energy, we have been able to secure the future of the project, and we would also like to thank Shell for their contribution to the project's significant progress to date. That also means that we hope to be able to keep the project on track and we should be able to complete the first phase by the end of 2012, subject to securing a number of important contracts, such as those for the wind turbines."