Ørsted has struck a deal with Stonepeak to sell off a part of its ownership in a portfolio of four US onshore wind farms, with a total capacity of 957 MW. This is Ørsted’s second significant divestment of multiple assets in the US as part of its ongoing farm-down strategy. The transaction is valued at approximately $300 million.
Furthermore, Ørsted has previously secured roughly $700 million in tax equity proceeds for this portfolio, bringing the total raised to approximately $1 billion. Stonepeak will get 80 per cent of the cash distributions from the projects, while Ørsted will remain responsible for managing the assets.
As part of the agreement, Ørsted retains a unilateral call option for Stonepeak’s interests that can be exercised under specific conditions following the completion of the transaction. Though structured differently, this deal is in line with Ørsted’s past approach to divesting assets, wherein ownership shares in existing operational projects are sold to free up capital for future endeavours. This unique partnership allows Ørsted to optimise capital deployment while maintaining control over operations and long-term opportunities associated with the portfolio.
