Ørsted Sells Stake in Four US Onshore Wind Farms to Stonepeak

Ørsted A/S has announced the sale of an equity ownership in a 957 MW capacity portfolio of four US onshore wind farms to Stonepeak, a leading alternative investment firm. This transaction aligns with Ørsted's strategy to recycle capital to fuel further renewable energy projects, marking its initial collaboration with Stonepeak and its second significant US asset farm-down.

The deal, valued at approximately USD 300 million, combined with prior tax equity proceeds of about USD 700 million, totals the transaction's proceeds to USD 1 billion. Stonepeak will acquire 80% of cash distributions from the projects, with Ørsted continuing to manage the assets. Ørsted retains an option to rebuy Stonepeak’s interest under specific conditions post-transaction.

David Hardy, Executive Vice President and CEO at Ørsted Region Americas, highlighted the transaction's role in leveraging US onshore renewable assets to drive value for investors and support the company's growth in renewable energy. Anthony Borreca from Stonepeak underscored the importance of onshore wind in the energy transition, praising the quality and potential of Ørsted’s US assets.

The transaction encompasses wind farms in Illinois, Texas, and Kansas, operational under various market agreements. It forms part of Ørsted's larger US portfolio nearing 6 GW of renewable projects. This partnership not only enables capital redeployment for Ørsted but also preserves its operational control and long-term strategic options around the assets.