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Ørsted has executed an agreement with funds managed by Schroders Greencoat, a specialized global asset manager focusing on renewable energy infrastructure assets, to sell its remaining 25% minority stake in the London Array Offshore Wind Farm located in the UK. The transaction’s total value amounts to GBP 717 million (DKK 6.17 billion).
With a total installed capacity of 630 MW, London Array commenced commercial operation in 2013. Initially, Ørsted held a 50% ownership stake in the project and later divested 25% to CDPQ in 2014. As Ørsted does not bear operational and maintenance responsibility for London Array, and given its minority interest in the asset, it is a non-strategic asset.
Ørsted continues to be the leading player in UK offshore wind, with over 5 GW of operational capacity and a development pipeline. This includes the 2.8 GW Hornsea 3, which stands as the world’s largest offshore wind farm, and Hornsea 4 project which received consent earlier this month. The transaction is scheduled to conclude by the end of July, and the gains from the sale will contribute to ‘EBITDA from new partnerships.’
Daniel Lerup, Chief Financial Officer at Ørsted, said, “We’re very pleased to have found a strong new owner for our remaining minority interest in London Array. We continue to see significant appetite for offshore wind as an asset class, and with this divestment, we continue our unrivalled track record of efficiently recycling capital to help fund our DKK 475 billion investment programme towards 2030. Ørsted remains committed to the UK offshore wind market and will continue to make significant investments in the country’s green transformation both onshore- and offshore.”