Ørsted to acquire full ownership of UK offshore wind farm

Danish energy company Ørsted A/S announced plans to fully acquire the Gunfleet Sands 1 & 2 Offshore Wind Farm in the UK for around £15 million, according to a press release. The purchase comes after Ørsted currently owns a 50.1% share of the 172 MW facility located 7 km off the Essex coast. The transaction, which utilizes a pre-existing buyback right from the original partnership agreements, is expected to close in November pending customary closing conditions.

Operational since 2010, the offshore wind farm generates enough electricity to power over 125,000 homes in the UK annually. Ørsted's acquisition of the remaining 49.9% stake will provide the company with increased flexibility in managing the asset and exploring future options, including a potential lifetime extension for the wind farm.

Richard Bodal Hansen, Ørsted's UK Country Manager, expressed pride in the contribution that Gunfleet Sands 1 & 2 has made to the UK's renewable energy landscape since its inception in 2010. The acquisition will enable Ørsted to better shape the site's future and maximize the value of an asset they are familiar with.

Currently, Ørsted operates 12 offshore wind farms in the UK, supplying approximately 7% of the country's electricity. The company stated that they will continue to evaluate similar buyback rights and opportunities on a case-by-case basis.