Ørsted has signed a partnership agreement with Brookfield, who will acquire 12.45% minority stakes in four of Ørsted’s operational UK offshore wind farms: Hornsea 1, Hornsea 2, Walney Extension and Burbo Bank Extension, which have a combined total capacity of approximately 3.5 GW.
The value of the transaction is GBP 1.745 billion. Brookfield is pursuing this transaction through its Brookfield Infrastructure Fund V, and the transaction is expected to close by the end of 2024, subject to customary regulatory approvals.
Ørsted will retain a 37.55% ownership interest in the four assets and will continue to exercise a similar level of control and governance as before the transaction. Ørsted will also continue to oversee the operations and maintenance of the wind farms, according to the current service agreements. All four assets are fully operational under long-term inflation-linked contracts for difference (CfDs).
