Ørsted, the world’s largest offshore wind developer, is selling its entire European onshore business as the embattled firm looks to strengthen its balance sheet after a major rights issue last year.
Ørsted on Tuesday said it had signed a deal with Copenhagen Infrastructure Partners (CIP), through its fifth flagship fund, Copenhagen Infrastructure V (CI V), to divest its entire European onshore business.
Ørsted’s European onshore business comprises onshore wind, solar, and battery storage projects in Ireland, the UK, Germany, and Spain.
The total value of the transaction is $1.7 billion (1.44 billion euros) with closing expected in the second quarter of 2026, subject to regulatory approvals.
The sale marks the completion of the divestment program for Ørsted, which last year turned to its shareholders – including the Danish state – for a $9.35 billion rights issue to raise funds amid major industry headwinds, especially in the U.S.
Last year, Ørsted signed a deal to divest 50% in its 2.9 GW Hornsea 3 Offshore Wind Farm to funds managed by Apollo Global Management in a transaction valued at $5.6 billion.
At the end of 2025, the Denmark-based firm also signed an agreement with Taiwan’s Cathay Life Insurance and its affiliate Cathay Power to sell 55% of its 632?MW Greater Changhua 2 Offshore Wind Farm in the Taiwan Strait for about $790 million.
The sale of the European onshore business to CIP for the equivalent of about $1.7 billion represents the third cornerstone transaction that Ørsted had previously announced in efforts to bolster its balance sheet and stop cash bleeding.
“Ørsted has thereby finalised its divestment programme as planned and significantly strengthened its financial foundation,” the company said today.
With the divestment of its European onshore business, Ørsted has signed transactions during 2025-2026 with proceeds totalling about $7.3 billion (46 billion Danish crowns), delivering on its target of more than $5.5 billion (35 billion crowns) in divestment proceeds during this period.
“We’ve now substantially strengthened Ørsted’s financial position,” chief financial officer Trond Westlie said on Tuesday.
By Tsvetana Paraskova for Oilprice.com
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