Danish offshore wind developer Ørsted has sold a 24.5% stake in the 389MW West of Duddon Sands offshore wind farm to funds managed by Schroders Greencoat.
Schroders Greencoat has a combined net generating capacity of over 7GW and £9.6bn ($12.75bn) in assets under management. The asset manager is also a partner on another four Ørsted offshore wind farms – Walney, Burbo Bank Extension, Hornsea 1, and Borkum Riffgrund 1.
The value of the transaction is $456.1m ($606.3m) on a debt-free basis. The transaction closed on April 30, 2025. The wind farm is located 14 km off the UK west coast. It has been operating since 2014.
Ørsted will retain a 25.5%, pro-rata consolidated interest in West of Duddon Sands and will remain the operator under the existing operations and maintenance agreement.
“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,” said Trond Westlie, group CFO of Ørsted.
Based on a self-funded business plan, Ørsted is executing a more than 8GW offshore wind construction programme, which will almost double the company’s installed offshore wind capacity.
