Danish offshore wind developer Ørsted has reached an agreement with Schroders Greencoat, a global specialist asset manager focusing on renewable energy infrastructure assets, to divest its remaining 25% minority interest in the London Array Offshore Wind Farm in the UK. The transaction is valued at GBP 717 million.

The London Array Offshore Wind Farm, with a total installed capacity of 630 MW, began commercial operation in 2013. Ørsted initially owned 50% of the project and previously sold a 25% stake to CDPQ in 2014.

Ørsted clarified that it does not have operational and maintenance responsibilities at London Array, and the company views the asset as non-strategic. Despite the divestment, Ørsted maintains its prominent position in the UK offshore wind market, operating over 5 GW of capacity, and having an extensive development pipeline, including the 2.8 GW Hornsea 3, the world's largest single offshore wind farm, and the recently consented Hornsea 4 project.

Daniel Lerup, Chief Financial Officer at Ørsted, expressed satisfaction with finding a strong new owner for the minority interest in London Array and highlighted the ongoing appetite for offshore wind as an attractive asset class. The divestment aligns with Ørsted's strategy of efficiently recycling capital to support its DKK 475 billion investment program through 2030. Ørsted reaffirmed its commitment to the UK offshore wind market and ongoing significant investments in the country's green transformation both onshore and offshore.

The transaction is anticipated to conclude by the end of July.