Ørsted Expands Partnership with Schroders Greencoat through GBP 456 Million Farm-Down of West of Duddon Sands Stake

Ørsted Expands Partnership with Schroders Greencoat through GBP 456 Million Farm-Down of West of Duddon Sands Stake

(IN BRIEF) Ørsted has completed a farm-down of a 24.5% stake in the West of Duddon Sands Offshore Wind Farm to Schroders Greencoat, valued at GBP 456.1 million. The transaction supports Ørsted’s capital structure, risk diversification, and capital recycling strategy. Ørsted retains a 25.5% interest in the project and continues to operate it. This is part of Ørsted’s broader plan to expand its offshore wind capacity, solidifying its leadership in the global offshore wind market.

(PRESS RELEASE) FREDERICIA, 1-May-2025 — /EuropaWire/ — Ørsted has successfully completed a farm-down transaction, selling a 24.5% stake in the West of Duddon Sands Offshore Wind Farm to funds managed by Schroders Greencoat. The deal, valued at GBP 456.1 million (approximately DKK 4 billion), was finalized on 30 April 2025 on a debt-free basis.

West of Duddon Sands, which has been operational since 2014, is located around 14 km off the UK’s west coast and has an installed capacity of 389 MW. Schroders Greencoat, a prominent player in renewable infrastructure investments, manages a portfolio with a combined net generating capacity exceeding 7 GW and assets worth GBP 9.6 billion. This transaction strengthens an ongoing collaboration between Ørsted and Schroders Greencoat, who are already partners in four other Ørsted offshore wind farms: Walney, Burbo Bank Extension, Hornsea 1, and Borkum Riffgrund 1.

The farm-down aligns with Ørsted’s broader strategy of securing a robust capital structure, diversifying risk, and recycling capital. Ørsted will retain a 25.5% interest in West of Duddon Sands, maintaining operational control under the existing operations and maintenance agreement. The company’s ongoing business plan involves self-funding over 8 GW of offshore wind capacity, further solidifying Ørsted’s leadership in the global offshore wind market.

Trond Westlie, Ørsted’s Group CFO, emphasized that farm-downs and partnerships are central to Ørsted’s business strategy. He highlighted that the expanded partnership with Schroders Greencoat brings value creation, risk diversification, and capital recycling benefits, all of which are key elements of Ørsted’s strategic objectives.

With over 5 GW of offshore wind capacity in the UK, Ørsted is the country’s leading offshore wind developer, with another 5 GW in construction or development, including the Hornsea 3 and Hornsea 4 projects. Globally, Ørsted’s renewable energy portfolio spans 18.5 GW across offshore wind, onshore wind, solar PV, and battery storage, with more than 8 GW under development.

About Ørsted
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants. Ørsted is recognised on the CDP Climate Change A List as a global leader on climate action and was the first energy company in the world to have its science-based net-zero emissions target validated by the Science Based Targets initiative (SBTi). Headquartered in Denmark, Ørsted employs approx. 8,300 people. Ørsted’s shares are listed on Nasdaq Copenhagen (Orsted). In 2024, the group’s revenue was DKK 71.0 billion (EUR 9.5 billion). Visit orsted.com or follow us.

Media Contacts:

Ørsted Global Media Relations:
Tom Christiansen
+45 99 55 60 17
tomlc@orsted.com

Investor Relations:
Rasmus Keglberg Hærvig
+45 99 55 90 95
IR@orsted.com

SOURCE: Ørsted