Dong Energy’s Offshore Wind Business Drives Europe’s Biggest IPO of 2016

By [email protected] Dong Energy, a Danish oil and gas developer and distributor with a growing business in offshore wind, went public last week in Europe’s largest IPO of 2016. Shares sold at above the midpoint of the guidance range, valuing the company at more than $15 billion.

Dong had a profitable first quarter of 2016 but lost money on revenue of $10.7 billion in 2015. Its offshore wind business is growing, while its conventional power business has slowed.

A National Renewable Energy Laboratory (NREL) report estimates the cumulative global offshore wind market at 11.8 gigawatts as of the end of 2015. Dong has built

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