Ørsted to Divest 25% Stake in London Array Offshore Wind Farm for $921.6M

Monday, July 24, 2023

Denmark-based offshore wind developer Ørsted has signed an agreement with funds managed by Schroders Greencoat, a global specialist asset manager focusing on renewable energy infrastructure assets, to divest its remaining 25% minority interest in the London Array Offshore Wind Farm in the UK. 

The total value of the transaction is GBP 717 million (currently around $921,6 million).

London Array has a total installed capacity of 630 MW and entered commercial operation in 2013. Ørsted originally owned 50% of the project and divested an initial 25% of London Array to CDPQ in 2014. 

Ørsted does not have O&M responsibility at London Array, and as the company only holds a minority interest. Ørsted considers the asset non-strategic.

"Ørsted remains the largest player in UK offshore wind, where the company operates more than 5 GW of capacity and has a development pipeline that includes the 2.8 GW Hornsea 3, the world’s single largest offshore wind farm, and the Hornsea 4 project which received consent in mid-July," Orsted said.

Daniel Lerup
, Chief Financial Officer at Ørsted, says: "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.”

The transaction is expected to close at the end of July. 

Categories: Energy Renewable Energy Industry News Activity Europe Offshore Wind

Related Stories

Cadeler Gets Turbine and Foundation Installation Job for UK Offshore Wind Farm

DOF Group Completes Acquisition of Maersk Supply Service

Belgian Energy Island Gets $700M EU Funding Boost

Current News

Key Strategies to Strengthen Maritime Cyber Security

Angola Outlines Plans for Multi-Year Oil and Gas License Rounds from 2026

Beating the Heat: R.W. Fernstrum & Company Turns 75

Vårgrønn Enters German Offshore Wind Market with Baltic 2 Acquisition

Subscribe for OE Digital E‑News