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Ørsted has agreed with Stonepeak, a number one different funding agency specializing in infrastructure and actual belongings, to divest an fairness possession stake in a portfolio of 4 US onshore wind farms totaling 957 MW. This marks Ørsted’s first partnership with Stonepeak and its second main divestment of a number of belongings within the US as a part of its farm-down program.
The transaction is valued at roughly USD 300 million, with Ørsted having beforehand raised round USD 700 million in tax fairness proceeds for the portfolio, totaling roughly USD 1 billion in proceeds. Underneath the settlement, Stonepeak will obtain 80% of the money distributions from the tasks, whereas Ørsted will proceed to function them.
Ørsted retains a unilateral name possibility for Stonepeak’s pursuits post-transaction closure, permitting for potential train below particular circumstances. Whereas structured otherwise, this transaction aligns with Ørsted’s historic farm-down technique, aiming to recycle and redeploy capital for future tasks whereas retaining operational management and long-term flexibility.
David Hardy, Government Vice President and CEO of Area Americas at Ørsted stated, “This deal signifies the worth that our US onshore renewable vitality tasks can ship to our buyers whereas additionally demonstrating the holistic and versatile method we take to partnerships and divestments. Whereas Ørsted will proceed to function every asset over its lifetime, we’ll use this capital to fund tasks that proceed to create essentially the most worth for our stakeholders and gas our progress within the renewable vitality sector.”
Anthony Borreca, Senior Managing Director at Stonepeak added, “The necessity for environment friendly infrastructure with the facility to additional the vitality transition continues to develop, and onshore wind continues to play a significant function in serving to to fulfill that demand. Ørsted’s US onshore belongings are younger and have been constructed with trusted know-how, which provides us confidence of their potential to make a significant and optimistic long-term influence on the communities they serve. We stay up for partnering intently with Ørsted on this extremely contracted, geographically numerous portfolio.”
