Orsted retreats from onshore wind to plug financial gaps

Completes divestment programme, pivots to offshore Europe

Together with previously announced deals including the divestment of a 50 per cent stake in Hornsea Three and 55 per cent of Changhua Two, Orsted has now signed transactions totalling around DKK46 billion in proceeds, exceeding its target of more than DKK35 billion, the company said in a statement.

“The divestment of our European onshore platform finalises the divestment programme that we’ve laid out, and we’ve now substantially strengthened Orsted’s financial position,” Chief Financial Officer Trond Westlie said in the statement.

(Reporting by Terje Solsvik and Stine Jacobsen, editing by Andrew Heavens)