Danish offshore wind developer Ørsted has sold a 24.5% stake in the 389MW West of Duddon Sands offshore wind farm to funds managed by Schroders Greencoat.
Schroders Greencoat has a combined net generating capacity of over 7GW and £9.6bn ($12.75bn) in assets under management. The asset manager is also a partner on another four Ørsted offshore wind farms – Walney, Burbo Bank Extension, Hornsea 1, and Borkum Riffgrund 1.
The value of the transaction is $456.1m ($606.3m) on a debt-free basis. The transaction closed on April 30, 2025. The wind farm is located 14 km off the UK west coast. It has been operating since 2014.
Ørsted will retain a 25.5%, pro-rata consolidated interest in West of Duddon Sands and will remain the operator under the existing operations and maintenance agreement.
“We continue to deliver on our farm-down programme with a transaction that meets our strategic objectives for partnerships and divestments in terms of value creation, risk diversification, and capital recycling,” said Trond Westlie, group CFO of Ørsted.
Based on a self-funded business plan, Ørsted is executing a more than 8GW offshore wind construction programme, which will almost double the company’s installed offshore wind capacity.
We give you energy news and help invest in energy projects too, click here to learn more
