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Ørsted (ORSTED.CO) finalized its divestment program through a planned sale of its entire European onshore business for 1.44 billion euros, just as a favorable court ruling enabled an immediate restart of its offshore wind project in New York, US.
The Danish renewable energy company said Tuesday it signed a deal with Copenhagen Infrastructure Partners, through its Copenhagen Infrastructure V fund, to offload its European onshore assets, with deal completion slated for the second quarter. The business includes wind, solar, and battery storage across Ireland, Germany, the UK, and Spain, with 578 megawatts in operation and a further 248 megawatts under construction.
“Ørsted’s European onshore business has developed a very solid pipeline and project portfolio, and I’m very satisfied that we’ve found a new owner of that business in CIP, as we’ve decided to concentrate our efforts on offshore wind in our core European markets. The divestment of our European onshore platform finalizes the divestment program that we’ve laid out, and we’ve now substantially strengthened Ørsted’s financial position,” Chief Financial Officer Trond Westlie said.
With the sale of its European onshore business alongside stake sales in the Hornsea 3 project in the UK and the Taiwan-based Changhua 2, the company said it completed its “cornerstone” divestment strategy. The program generated 46 billion Danish kroner in proceeds between 2025 and 2026, surpassing its goal of 35 billion kroner over the period.
Even with its departure from the European land-based market, Ørsted noted that it continues to own and operate its US onshore business, which has functioned as a standalone entity since October 2025.
Speaking of the US, the group’s Sunrise Wind LLC subsidiary announced in a separate same-day release that it secured a preliminary injunction from the US District Court for the District of Columbia related to a construction work stoppage at its Sunrise Wind offshore farm. The decision overrules a government-mandated suspension order originally issued by the Director of the Department of the Interior’s Bureau of Ocean Energy Management in December 2025.
Commenting on the ruling, AlphaValue/Baader Europe said the news was a “relief, albeit a costly one,” with the stoppage estimated to cost $1 million per day since Dec. 22, 2025, resulting in a cumulative loss of more than $40 million to date.
“In sum, the >1 month unplanned halt introduces a tangible risk of cascading delays, cost overruns and potential impairments. That said, we view the risk of outright project cancellation for both projects as now largely set aside, although we cannot yet assume whether the two projects will ultimately be delayed. For now, our model still prices as planned by the group, Revolution Wind commissioning in H2 2026 and Sunrise Wind in H2 2027,” the research firm said.
Ørsted shares were nearly 1% lower in Copenhagen by Tuesday midday.