Orsted Sells 50% Stake of German Offshore Wind Farm For EUR473 Million
By Dominic Chopping
Orsted said Tuesday it has agreed to sell 50% of the Gode Wind 3 offshore wind farm in Germany to funds managed by Glennmont Partners from Nuveen for 473 million euros ($499.6 million).
The Danish renewable-energy company said the deal comprises the 50% ownership share of the wind farm and a commitment to fund 50% of the construction of Gode Wind 3.
Gode Wind 3 is currently under construction alongside the Borkum Riffgrund 3 offshore wind farm, where Orsted and Glennmont are already 50/50 owners. In addition, Glennmont also co-owns Orsted's Gode Wind 1 offshore wind farm.
Gode Wind 3 is expected to enter commercial operation in 2024.
Fund manager Glennmont is focused exclusively on investments in clean energy infrastructure. It is owned by Nuveen, a Teachers Insurance and Annuity Association company.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
October 17, 2023 02:41 ET (06:41 GMT)
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