Ørsted divests half stake in offshore wind farm

Utility Ørsted is divesting shares in offshore wind project Borkum Riffgrund 3 to Glennmont Partners.

Photo: Ørsted / PR

Power utility Ørsted has struck a deal to sell a 50-percent stake in 900MW offshore wind project Borkum Riffgrund 3 to Glennmont Partners, the former announces in a stock exchange notice.

The total transaction value will expectedly be around DKK 9bn (EUR 1.2bn) and covers the 50-percent divestment of the wind farm, set to lie in the German North Sea, as well as an obligation for Glennmont to finance half the costs tied to the engineering, procurement and construction (EPC) contract during the project's lifecycle.

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