Global energy giant Ørsted is set to sell its European onshore renewable energy business to Copenhagen Infrastructure Partners in a deal worth €1.4bn.
The European onshore business, headquartered in Cork, builds and operates wind, solar and storage projects in Ireland, the UK, Germany and Spain.
It will become a standalone company operating under a new name and brand, to be announced in the coming months.
Its people, assets, construction projects and development pipeline in Ireland are unaffected by the transaction, Ørsted said in a statement.
Ireland
Ørsted has a significant presence in Ireland, with a 373 MW portfolio of operational onshore wind farms and 178 MW of active construction projects across the island, spanning onshore wind, solar and battery storage.
The transaction is part of Ørsted’s strategic priority of refocusing on offshore wind in its core European markets, and is part of a planned divestment programme that will significantly strengthen its financial foundation.
Mads Skovgaard-Andersen, CIO and partner at Copenhagen Infrastructure Partners, said: “With this significant acquisition across multiple markets and technologies, we further strengthen our presence in Europe.
“The combined onshore wind, solar and BESS portfolio complements our existing project portfolio and gives 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 explained.
Onshore wind, solar and battery markets
Kieran White, senior vice president of Europe Onshore at Ørsted, commented: “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. 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 said.
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