Danish wind farm operator Orsted said today it has agreed to sell its European onshore business to Copenhagen Infrastructure Partners (CIP) for €1.44 billion.
The deal includes the company’s 373 MW portfolio of operational onshore wind farms and 178 MW active construction projects across the island of Ireland.
The European onshore business, headquartered in Cork, builds and operates wind, solar and storage projects in Ireland, the UK, Germany and Spain.
Orsted said it will become a standalone company operating under a new name and brand, to be announced in the coming months.
Its staff, assets, construction projects and development pipeline in Ireland are unaffected by the transaction, the company added.
The business has a long-established presence across the island of Ireland, spanning onshore wind, solar and battery storage, and currently powers more than 250,000 homes with renewable electricity.
Ireland will continue to serve as the European onshore headquarters following completion of the transaction.
Its staff, assets, construction projects and development pipeline in Ireland are unaffected by the transaction, the company added.
The sale, alongside previously announced deals to divest a 50% stake in Hornsea 3 and 55% of Changhua 2, is part of Orsted’s divestment programme designed to strengthen its balance sheet, the company said in a statement.
They ae part of Orsted’s broader efforts – including a $9.4 billion share issue last year – to raise cash and stabilise its finances following US President Donald Trump’s crackdown on offshore wind development projects.
It completes a divestment programme, pivoting the company back to offshore wind in its core European markets, where significant capacity is expected to be tendered in coming years.
The divestment comes a day after a US federal judge allowed Orsted to resume construction on its Sunrise Wind project off New York while it challenges stop-work orders imposed by Trump’s administration.
But analysts warn political risks remain high for Orsted’s US operations, despite the ruling.
“With CIP as our new owner, we look forward to accelerating growth across our development pipeline, thereby strengthening our role in Europe’s onshore wind, solar, and battery markets,” Kieran White, Senior Vice President of Europe Onshore at Orsted, said.
“In the coming months, we’ll announce a new company name and brand. What will not change is our people, assets, projects, or ambition to deliver renewable energy at scale across Europe,” he added.
TJ Hunter, Vice President for Onshore in the UK and Ireland at Orsted, said that across the island of Ireland, its onshore business has grown from a farmer-led co-operative into a company now powering over 250,000 households with renewable electricity.
“Cork will remain our European onshore headquarters, and, with CIP as our new owner, we’re looking forward to opening new wind farms, repowering parts of our existing fleet, delivering our first Irish solar developments, and accelerating the supply of more secure, home-grown, and cost-competitive green electricity to Irish energy consumers,” he added.
Mads Skovgaard-Andersen, CIO and Partner in Copenhagen Infrastructure Partners, said today’s significant acquisition across multiple markets and technologies will further strengthen its presence in Europe.
“The combined onshore wind, solar, and BESS portfolio complements our existing project portfolio and give us the scale to further accelerate the deployment of renewable energy and strengthen Europe’s energy independence while delivering strong, risk-adjusted returns to our investors,” he added.