ECP takes 50% stake in Ørsted wind farms

• Ørsted will be the managing member of the partnership
• The deal was funded via a fund-of-one partnership, Renewable Power Fund Plus
• Ørsted will use the capital raised to reach its ambition of having 50GW of installed renewable energy capacity globally by 2030

Ørsted announced it has closed a deal with Energy Capital Partners (ECP) to divest a 50 percent ownership stake in a portfolio of three onshore wind farms and one solar farm in the US.

The deal is valued at approximately $410 million. Ørsted will be the managing member of the partnership and will provide asset management services to the projects.

The transaction was funded via a fund-of-one partnership, Renewable Power Fund Plus, between ECP and Teachers Insurance and Annuity Association of America (TIAA). TIAA also owns global asset manager Nuveen and its subsidiary Glennmont Partners, which acquired 50 percent of Ørsted’s German offshore wind farm Borkum Riffgrund 3 in 2022.

Ørsted will use the capital raised from the deal to help reach its ambition of having 50GW of installed renewable energy capacity globally by 2030. The company, headquartered in Fredericia, Denmark, has a portfolio of over 5GW of onshore wind and solar PV projects in operation and under construction across the US and Europe.

“I consider this transaction another key milestone in the onshore journey and a testament to the value our projects create,” said Neil O’Donovan, CEO of Ørsted Onshore. “Our ability to raise capital will fuel our continued onshore growth.”

ECP is an investor in energy transition, electrification and decarbonisation infrastructure assets. Founded in 2005, it is headquartered in Summit, New Jersey and has made $26 billion in capital commitments to date.