Ørsted has moved to take full control of one of its longest-operating UK offshore wind assets, exercising a buyback right to acquire the remaining stake in the Gunfleet Sands 1 & 2 Offshore Wind Farm from its investment partners for approximately USD 19.86 million.

Deal Terms and Timeline

The Danish energy company currently holds a 50.1 percent ownership interest in Gunfleet Sands 1 & 2. Under the agreement, Ørsted will acquire the remaining 49.9 percent stake from its investment partners for a total consideration of approximately USD 19.86 million.

The transaction is subject to customary closing conditions and is expected to close in November. On completion, Ørsted will own and operate the entire 172 MW asset, which sits 7 km off the Essex coast in the UK.

The deal was executed through a long-standing buyback right that was established as part of the original partnership agreements governing the wind farm.

Strategic Rationale

According to Ørsted, taking full ownership will enable the company to capture the full potential of the asset and provide greater flexibility in managing Gunfleet Sands 1 & 2 and assessing future late-life options, including a potential lifetime extension.

The company said the acquisition supports its focus on maximising the performance and long-term value of its operating assets. Ørsted added that it will continue to assess any similar rights and opportunities on a case-by-case basis, considering the specific merits of each asset.

Richard Bodal Hansen, Ørsted's UK Country Manager, said: "Gunfleet Sands 1 & 2 has been part of the UK's renewable energy story since 2010, and we're proud of the contribution it continues to make. Taking full ownership gives us greater flexibility to shape the site's future and build on the value of an asset we know well."

About the Asset

Gunfleet Sands 1 & 2 has been operational since 2010 and continues to generate enough renewable electricity to power over 125,000 UK homes annually. The wind farm has a total capacity of 172 MW and is located 7 km off the Essex coast.

Once the transaction closes, the site will be owned and operated by Ørsted.

Ørsted's UK Position

The company described the transaction as building on its extensive experience as a leading offshore wind generator in the UK, where its operational fleet of 12 offshore wind farms supplies approximately 7 percent of the country's electricity.

Company background

Ørsted is a global leader in developing, constructing, and operating offshore wind farms, with a core focus on Europe. Backed by 35 years of experience in offshore wind, the company has 11 GW of installed offshore capacity and 7.2 GW under construction.

Ørsted's total installed renewable energy capacity spanning Europe, Asia Pacific, and North America exceeds 19 GW across a portfolio that also includes onshore wind, solar power, energy storage, bioenergy plants, and energy trading. Headquartered in Denmark, Ørsted employs approximately 7,300 people, and its shares are listed on Nasdaq Copenhagen under the ticker Orsted.

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