The deal means Ørsted can concentrate on the UK, Irish, German and Spanish markets in line with its scaled-back business plan, the Danish developer said.
Under the share purchase agreement, French utility Engie will acquire Ostwind France, comprising Ostwind International S.A.S., Ostwind Engineering S.A., and their subsidiaries.
Ostwind France has developed more than 1GW of projects in the last 25 years . It currently has 54MW in operation and a further 24MW of wind projects under construction, Ørsted said. It is also continuing to advance a wider pipeline of projects.
Ørsted acquired the company in 2022 as part of its acquisition of the French and German onshore platform from Ostwind AG. The German part of the Ostwind transaction has been integrated fully into Ørsted and will remain a focus of Ørsted’s European onshore wind and solar investments, it said.
The transaction is expected to close in the second quarter of 2024.
With the divestment of Ostwind France, Ørsted will have no remaining activities in France.
Kieran White, senior vice president and head of onshore in Europe at Ørsted, said: “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. Building on this plan, we’ve decided to concentrate our efforts on the UK, Irish, German, and Spanish markets for onshore wind and solar, in Europe. In this light, I’m very pleased that we’ve found a good future owner of Ostwind France in Engie.”
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