Brookfield Renewable has acquired a 12.45% minority stake in four offshore wind farms operated by Ørsted in the UK. These wind farms include Hornsea 1, Hornsea 2, Walney Extension, and Burbo Bank Extension, with a combined total capacity of approximately 3.5 GW.
According to Ørsted, the transaction is valued at £1.745 billion (approximately €2.083 billion). Brookfield is executing this transaction through the Brookfield Infrastructure Fund V, the world’s largest closed-end infrastructure fund. The transaction is expected to close by the end of 2024, pending standard regulatory approvals.
Through this transaction, Ørsted significantly advances its decentralization program, announced as part of the business plan update in February, while ensuring a high retention of value within the deal.
The company will retain a 37.55% stake in the four assets, maintaining a level of control and governance similar to that prior to the transaction. Ørsted will also continue to oversee operations and maintenance of the wind farms under current service agreements. The four assets are fully operational under long-term inflation-linked Contracts for Difference (CfD).
For Brookfield, this investment represents an opportunity to partner with Ørsted, the world’s largest and leading offshore wind energy player, in a large-scale, fully operational offshore wind portfolio.
Ørsted Group President and CEO Mads Nipper remarked, "Today's transaction is an important milestone in our offshore wind farm divestment program as part of our business plan, which supports our significant reinvestment in new assets."
Meanwhile, Connor Teskey, CEO of Brookfield Renewable and President of Brookfield Asset Management, expressed his pleasure with the partnership, stating that they are “pleased to partner with Ørsted to invest in four high-quality assets that are essential for supplying the UK with renewable energy and supporting the country’s decarbonization goals. This is Brookfield's first offshore wind investment in the UK, which will remain a core component of the energy mix to meet the rising demand for clean energy."
The agreement includes a buy-back option, allowing Ørsted the opportunity, but not the obligation, to repurchase the assets from Brookfield between two and seven years after closing, at a pre-agreed price.
As a leading offshore wind developer in the UK, Ørsted currently operates over 5 GW of offshore wind capacity and has another 5 GW in construction or development, including Hornsea 3 and Hornsea 4, both under CfD agreements. Globally, Ørsted has installed 15.4 GW of renewable energy in offshore wind, onshore wind, solar photovoltaic, and battery storage, with another 7.7 GW under construction.
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