United Kingdom – Ørsted, a global leader in renewable energy, has taken a significant step towards its green transformation by divesting its remaining 25% minority interest in the London Array offshore wind farm in the UK.
The deal, valued at GBP 717 million (DKK 6.17 billion), marks a strategic move by Ørsted to focus on its core offshore wind projects and recycle capital efficiently to fund its ambitious investment program.
The London Array offshore wind farm, with a total installed capacity of 630 MW, has been operational since 2013. Ørsted originally owned 50% of the project and divested an initial 25% stake in 2014. Now, with the sale of its remaining interest to funds managed by Schroders Greencoat, Ørsted continues its commitment to the UK offshore wind market while focusing on its ongoing development pipeline, including the world’s largest offshore wind farm, Hornsea 3.
The London Array project, one of the earliest and largest offshore wind farms globally, has played a vital role in the UK’s renewable energy journey. As Ørsted consolidates its position as the largest player in the UK offshore wind market, it has strategically chosen to sell its minority interest in London Array, considering it non-strategic. By doing so, Ørsted reinforces its dedication to invest in core offshore wind projects while meeting its capital requirements for future investments.
Recycling capital
The divestment of London Array’s minority stake is part of Ørsted’s ongoing commitment to recycle capital efficiently. This divestment strategy allows the company to channel resources into its DKK 475 billion investment program aimed at advancing its green energy initiatives and expanding its renewable energy portfolio.
With a focus on cutting-edge technologies and strategic investments, Ørsted remains at the forefront of the global transition towards sustainable and renewable energy sources.
