Ørsted Announces Transaction: Ørsted Sells French Onshore Wind And Solar Business

Fredericia, Denmark - Danish energy group Ørsted has announced the sale of its French onshore wind and solar business as part of its strategic prioritisation of other European markets for onshore renewable projects.

The buyer of Ostwind France is the French energy group Engie. As a result of the transaction, the companies Ostwind International S.A.S., Ostwind Engineering S.A. and their subsidiaries (together Ostwind France) will be transferred to Engie. The transaction is expected to be completed in the second quarter of 2024. With the divestment of Ostwind France, Ørsted will have no further activities in France.

"As part of our updated business plan, we revised our build-out ambitions towards 2030 with an emphasis on where we believe we can realise the most value for Ørsted," said Kieran White, Senior Vice President and Head of Ørsted's onshore business in the Europe region. Based on this plan, Ørsted has decided to focus on the UK, Irish, German and Spanish onshore wind and solar markets in Europe. "In this light, I’m very pleased that we’ve found a good future owner of Ostwind France in Engie," White continued.

Ostwind France has been developing renewable energy projects for more than 20 years. Projects with a capacity of 54 MW are currently in operation and a further 24 MW of wind projects are under construction. In addition, Ostwind France is working on a broader pipeline of future projects.

Ørsted acquired Ostwind France in 2022 as part of the acquisition of the French and German onshore platform from Ostwind AG. The German part of the Ostwind transaction has been fully integrated into Ørsted and will remain a focus of Ørsted's European onshore wind and solar investments.

The Ørsted share is currently trading at EUR 52.26, almost exactly at the closing price level of Friday last week.

Source: IWR Online, 29 Apr 2024