Ørsted has exercised a buyback right to acquire the remaining 49.9% stake in the Gunfleet Sands 1 & 2 offshore wind farm in the UK from its investment partners, paving the way for full ownership of the 172 MW asset.
The company currently holds a 50.1% interest in the wind farm, located seven kilometres off the Essex coast, with partners JERA Nex BP and the Development Bank of Japan holding 24.95% stakes each.
The transaction, estimated at $19.8 million (£15 million), is subject to customary closing conditions and is expected to be completed in November, after which Ørsted will own and operate the entire project.
The acquisition follows the exercise of a long-standing buyback right established under the original partnership agreements.
According to Ørsted, taking full ownership will provide greater flexibility in managing the wind farm and evaluating late-life options, including a potential extension of its operational lifetime.
“Gunfleet Sands 1 & 2 has been part of the UK’s renewable energy story since 2010, and we’re proud of the contribution it continues to make. Taking full ownership gives us greater flexibility to shape the site’s future and build on the value of an asset we know well,” said Richard Bodal Hansen, Ørsted's UK Country Manager.
Gunfleet Sands 1 & 2 has been operational since 2010 and generates enough renewable electricity to power more than 125,000 UK homes annually, according to Ørsted.
The company operates 12 offshore wind farms in the UK, which together supply approximately 7% of the country's electricity.
Ørsted said it would continue assessing similar buyback rights and opportunities on a case-by-case basis.