Denmark-based offshore wind developer Ørsted has completed the sale of a 50% stake in the 900MW Borkum Riffgrund 3 offshore wind farm in Germany.
The deal, with funds managed by Glennmontpartners, was first announced in October 2021.
Ørsted at the time said that the agreement was the first farm-down to an institutional investor to be signed prior to taking the final investment decision on the project. The FID was then announced in early December 2021.
Back in October Ørsted said that the total transaction value, at the completion of the transaction, was expected to amount to approximately DKK 9 billion (~1,38 billion), which comprises the price for the acquisition of a 50% ownership share and the commitment to fund 50% of the payments under the EPC contract for the entire wind farm.
Borkum Riffgrund 3 will have a total export capacity of 900 MW and will be located in the German North Sea close to Ørsted's existing offshore wind farms Borkum Riffgrund 1 and Borkum Riffgrund 2. The power from Borkum Riffgrund 3 will be generated by 11 MW, 200 m offshore wind turbines from Siemens Gamesa. Commissioning of the wind farm is expected in 2025