Ørsted to sell French onshore business to Engie

Ørsted to sell French onshore business to Engie

Danish energy company Ørsted has finalised an agreement to divest its French onshore wind and solar operations to Engie, aligning with its strategic focus on other European markets for onshore renewables.

Ørsted has entered a share purchase agreement with Engie, which will see the French energy company acquiring OSTWIND International, OSTWIND Engineering and their subsidiaries, collectively known as Ostwind France.

The financial details of the transaction have not been disclosed. The deal is expected to close in the second quarter of 2024.

Ostwind France, with more than two decades of experience in renewable project development, operates 54MW of renewable energy. It has an additional 24MW of wind projects under construction and a further pipeline of projects.

Ørsted senior vice-president and Europe region onshore head Kieran White stated: “As part of our updated business plan, we revised our build-out ambitions towards 2030 with an emphasis on where we believe we can realise the most value for Ørsted.

“Building on this plan, we have decided to concentrate our efforts on the UK, Irish, German and Spanish markets for onshore wind and solar in Europe. In this light, I am very pleased that we have found a good future owner of Ostwind France in Engie.”

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Ørsted acquired Ostwind France in 2022 as part of the acquisition of the French and German onshore platform from Ostwind.

The German segment has been fully integrated into Ørsted’s operations and remains a key part of the company’s investment strategy in European onshore wind and solar energy.

Ørsted’s German onshore wind sector is progressing several projects towards a final investment decision and is developing a pipeline of onshore wind and solar photovoltaic projects.

The sale of Ostwind France will mark Ørsted’s complete exit from the French market. The company finalised a transaction to offload its equity stake in a 957MW onshore wind farm portfolio in the US to infrastructure investor Stonepeak.

This $300m (DKr2.09bn) deal bolsters Ørsted’s tax equity funds for the portfolio, which had previously secured $700m, bringing the total to $1bn.

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