Ørsted has exercised a long-standing buyback right in relation to the Gunfleet Sands 1 & 2 Offshore Wind Farm, in which Ørsted currently holds a 50.1 % ownership interest. Under the agreement, Ørsted will acquire the remaining 49.9 % ownership interest from its investment partners for a total consideration of approximately GBP15 million.
On completion of the transaction, which is subject to customary closing conditions and expected to close in November, Ørsted will take full ownership of the 172 MW asset located 7 km off the Essex coast in the UK. This will enable Ørsted to capture the full potential of the asset and provide greater flexibility in managing Gunfleet Sands 1 & 2 Offshore Wind Farm and assessing future late-life options, including a potential lifetime extension.
Richard Bodal Hansen, Ørsted’s UK Country Manager, said:
'Gunfleet Sands 1 & 2 has been part of the UK’s renewable energy story since 2010, and we’re proud of the contribution it continues to make. Taking full ownership gives us greater flexibility to shape the site’s future and build on the value of an asset we know well.'
Gunfleet Sands 1 & 2 has been operational since 2010 and continues to generate enough renewable electricity to power over 125,000 UK homes annually. The transaction builds on Ørsted’s extensive experience as a leading offshore wind generator in the UK, where its operational fleet of 12 offshore wind farms supplies approximately 7 % of the country’s electricity.
The acquisition follows Ørsted’s exercise of a long-standing buyback right established as part of the original partnership agreements. It supports Ørsted’s focus on maximising the performance and long-term value of its operating assets. Ørsted will continue to assess any similar rights and opportunities on a case-by-case basis, considering the specific merits of each asset.
About Gunfleet Sands 1 & 2 Offshore Wind Farm:
- Located 7 km off the Essex coast in the UK.
- Total capacity: 172 MW.
- To be owned and operated by Ørsted upon completion of the transaction.
Source: Ørsted
