REG-Ørsted A/S Ørsted divests its remaining 25 % share of London Array to funds managed by Schroders Greencoat

Oersted A/SAnnouncement

24/07/2023 07:15

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   Ørsted A/S (Orsted)
   Ørsted divests its remaining 25 % share of London Array to funds managed
   by Schroders Greencoat

   24-Jul-2023 / 08:00 CET/CEST

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   24.7.2023 08:00:00 CEST | Ørsted A/S | Investor News

   Ørsted has signed an agreement with funds managed by Schroders Greencoat,
   a global specialist asset manager focusing on renewable energy
   infrastructure assets, to divest its remaining 25 % minority interest in
   the London Array Offshore Wind Farm in the UK. The total value of the
   transaction is GBP 717 million (DKK 6.17 billion).

   London Array has a total installed capacity of 630 MW and entered
   commercial operation in 2013. Ørsted originally owned 50 % of the project
   and divested an initial 25 % of London Array to CDPQ in 2014. Ørsted does
   not have O&M responsibility at London Array, and as the company only holds
   a minority interest, Ørsted considers the asset non-strategic.

   Ørsted remains the largest player in UK offshore wind, where the company
   operates more than 5 GW of capacity and has a development pipeline that
   includes the 2.8 GW Hornsea 3, the world’s single largest offshore wind
   farm, and the Hornsea 4 project which received consent in mid-July.  

   Daniel Lerup, Chief Financial Officer at Ørsted, says:
   “We’re very pleased to have found a strong new owner for our remaining
   minority interest in London Array. We continue to see significant appetite
   for offshore wind as an asset class, and with this divestment, we continue
   our unrivalled track record of efficiently recycling capital to help fund
   our DKK 475 billion investment programme towards 2030. Ørsted remains
   committed to the UK offshore wind market and will continue to make
   significant investments in the country’s green transformation both
   onshore- and offshore.”

   The transaction is expected to close at the end of July. The gain from the
   transaction will be part of ‘EBITDA from new partnerships’.

   For further information, please contact:

   Media Relations
   Thor Wilkens
   +45 99 55 44 07
    1 thrwi@orsted.com

   Investor Relations
   Rasmus Keglberg Hærvig
   +45 99 55 90 95
    2 ir@orsted.com

   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, renewable hydrogen and green fuels
   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. 8,000 people. Ørsted's
   shares are listed on Nasdaq Copenhagen (Orsted). In 2022, the group's
   revenue was DKK 132.3 billion (EUR 17.8 billion). Visit  3 orsted.com or
   follow us on  4 Facebook,  5 LinkedIn, Instagram, and  6 Twitter.

       Attachments

     •  7 London Array.pdf

   News Source: Ritzau

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          DK0060094928
   Category Code: MSCL
   TIDM:          Orsted
   Sequence No.:  259486
   EQS News ID:   1686067


    
   End of Announcement EQS News Service

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References

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