Ørsted will maintain a 25.5% interest in the wind farm and continue to serve as its operator under the existing operations and maintenance agreement. The West of Duddon Sands project, commissioned in 2014, is a joint venture with ScottishPower Renewables and features 108 Siemens Gamesa 3.6 MW turbines situated 14 kilometers off the Cumbrian coastline.
Schroders Greencoat, with over 7 GW of net generating capacity and GBP 9.6 billion in assets under management, is a long-standing partner of Ørsted. The company also holds stakes in four other Ørsted offshore wind farms: Walney, Burbo Bank Extension, Hornsea 1, and Borkum Riffgrund 1.
Trond Westlie, Group CFO of Ørsted, stated: “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.” He added: “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.”
The divestment aligns with Ørsted’s strategy to optimize its portfolio through partnerships and capital recycling, enhancing financial flexibility while maintaining operational control. The transaction supports the company’s commitment to sustainable energy development and strengthens its collaboration with Schroders Greencoat, a key player in renewable energy infrastructure.
Located off the Cumbrian coast, the West of Duddon Sands wind farm has been a reliable source of clean energy since its commissioning. The partnership with Schroders Greencoat ensures continued efficient operation, contributing to the region’s renewable energy goals.
This transaction underscores Ørsted’s focus on fostering strategic partnerships to drive growth in the offshore wind sector. By leveraging Schroders Greencoat’s expertise, Ørsted reinforces its position as a leader in renewable energy while advancing sustainable energy solutions in the Irish Sea region.
