Ørsted to take full ownership of Gunfleet Sands 1 & 2 Offshore Wind Farm in the UK

Ørsted has exercised a long-standing buyback right in relation to the Gunfleet Sands 1 & 2 Offshore Wind Farm, in which Ørsted currently holds a 50.1 % ownership interest. Under the agreement, Ørsted will acquire the remaining 49.9 % ownership interest from its investment partners for a total consideration of approximately GBP 15 million. On completion of the transaction, which is subject to customary closing conditions and expected to close in November, Ørsted will take full ownership of the 172 MW asset located 7 km off the Essex coast in the UK. This will enable Ørsted to capture the full potential of the asset and provide greater flexibility in managing Gunfleet Sands 1 & 2 Offshore Wind Farm and assessing future late-life options, including a potential lifetime extension.