Ørsted sells its remaining 25% stake in London Array to Schroders Greencoat

Ørsted has signed an agreement with funds managed by Schroders Greencoat. A global asset manager specializing in renewable energy infrastructure. Ørsted sells its remaining 25% minority stake in the London Array offshore wind farm in the UK.

Ørsted sells its non-strategic stake in London Array for GBP 717 million

The total value of the transaction is GBP 717 million (DKK 6.17 billion). London Array has a total installed capacity of 630 MW and went into commercial operation in 2013. Ørsted originally owned 50% of the project and sold 25% of London Array to Caisse in 2014. the company has no operations and maintenance responsibilities at London Array, and as the company holds only a minority stake, Ørsted considers the asset to be non-strategic.

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

Daniel Lerup, CFO at Ørsted, says: “We are very pleased to have found a strong new owner for our remaining minority stake in London Array. We continue to see a strong appetite for offshore wind as an asset class, and with this divestment we are continuing our unrivalled record of efficient capital recycling to help fund our DKK 475 billion investment program towards 2030. Ørsted remains committed to the UK offshore wind market and will continue to invest significantly in the country’s green transformation, both onshore and offshore.”

The transaction is expected to close at the end of July. The gain from the transaction will be included in “EBITDA from new partnerships”.