Ørsted has divested a 24.5 per cent stake in the 389 MW West of Duddon Sands offshore wind farm to funds managed by Schroders Greencoat.
The value of the transaction is GBP 456.1 million (approximately EUR 534 million) on a debt-free basis. The transaction closed on 30 April 2025.
Ørsted will retain a 25.5 per cent pro-rata consolidated interest in West of Duddon Sands and will remain the operator under the existing operations and maintenance agreement.
Schroders Greencoat has a combined net generating capacity of over 7 GW and GBP 9.6 billion in assets under management. The company is also a partner on another four of Ørsted’s offshore wind farms: Walney, Burbo Bank Extension, Hornsea 1, and Borkum Riffgrund 1.
“Farm-downs and partnerships are an integral part of Ørsted’s business model, and we’re pleased to expand our partnership with Schroders Greencoat, who has a proven track record in managing renewable energy infrastructure assets and is a highly valued partner to Ørsted,” said Trond Westlie , Group CFO of Ørsted.
“With today’s announcement 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.”
Built and operated as a partnership between ScottishPower Renewables and Ørsted, the West of Duddon Sands offshore wind farm was commissioned in 2014.
The project features 108 Siemens Gamesa 3.6 MW turbines installed in the Irish Sea, approximately 14 kilometres off the Cumbrian coastline.
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