Offshore wind farm developer Ørsted has divested its remaining 25% minority interest in the London Array offshore wind farm in the UK.
Ørsted signed an agreement with asset manager Schroders Greencoat to sell the London Array stake for £717m ($921m). The transaction is expected to close at the end of July.
London Array has a total installed capacity of 630 MW and entered commercial operation in 2013. Ørsted originally owned 50 % of the project and divested an initial 25% of London Array to CDPQ in 2014.
The company does not have O&M responsibility at London Array, and as the company only holds a minority interest in the project it is considered non-strategic.
Ørsted is still the largest player in UK offshore wind, where the company operates more than 5 GW of capacity and has a development pipeline that includes the 2.8 GW Hornsea 3, the world’s single largest offshore wind farm, and the Hornsea 4 project which received consent in mid-July.
“We continue to […] recycle capital to help fund our DKK 475bn ($70.6bn) investment programme towards 2030,” Daniel Lerup, CFO at Ørsted, said.
