Ørsted has completed the sale of a 24.5% stake in the West of Duddon Sands Offshore Wind Farm to funds managed by Schroders Greencoat.
The farm-down transaction, which is based on a debt-free valuation, is valued at £456.1m.
The West of Duddon Sands Offshore Wind Farm, operational since 2014, is situated about 14km off the west coast of the UK and boasts a capacity of 389MW.
Schroders Greencoat, known for its investments in renewable infrastructure assets, manages over 7GW of net generating capacity and holds £9.6bn in assets under management. This acquisition continues the collaboration between Ørsted and Schroders Greencoat, who are already partners in four other Ørsted offshore wind projects- Walney, Burbo Bank Extension, Hornsea 1, and Borkum Riffgrund 1.
This divestment aligns with Ørsted’s strategic partnership and divestment programme, aimed at maintaining a strong capital structure, mitigating risks, and optimising capital allocation. Despite the sale, Ørsted will maintain a 25.5% pro-rata consolidated interest in the West of Duddon Sands project and will continue as the operator under the existing operations and maintenance agreement.
Ørsted is advancing a self-funded business plan to construct over 8GW of offshore wind capacity, nearly doubling its existing capacity and reinforcing its status as a global leader in offshore wind energy.
Ørsted Group CFO Trond Westlie said: “Farm-downs and partnerships are an integral part of Ørsted’s business model, and we’re pleased to expand our partnership with Schroders Greencoat, who has a proven track record in managing renewable energy infrastructure assets and is a highly valued partner to Ørsted.
“With today’s announcement we continue to deliver on our farm-down programme with a transaction that meets our strategic objectives for partnerships and divestments in terms of value creation, risk diversification, and capital recycling.”
In the UK, the company currently operates over 5GW of offshore wind capacity, with an additional 5GW in development or under construction.
In March 2025, Ørsted and Nuveen Infrastructure commenced commercial operations at the 253MW Gode Wind 3 wind farm in the German North Sea.
