- Two leading renewable energy players partner on operational
U.K. offshore wind farms. Brookfield to acquire a 12.45% stake in 3.5 GW offshore wind portfolio under long-term contracts
The enterprise value of the transaction is
With this transaction, Ørsted makes significant progress on the farm-down program announced as part of the February business plan update while ensuring a high level of value retention within the transaction. For Brookfield, the investment provides the opportunity to partner with Ørsted, the world’s largest and leading offshore wind player, to invest in a scaled, fully operational offshore wind portfolio. This marks another step in Brookfield’s expansion into the offshore wind sector, which is a mature technology with a complementary generation profile to solar PV and onshore wind.
Ørsted will retain a 37.55% ownership interest in the four assets and will continue to exercise a similar level of control and governance as before the transaction. Ørsted will also continue to oversee the operations and maintenance of the wind farms, according to the current service agreements. All four assets are fully operational under long-term inflation-linked contracts for difference (CfD).
The agreement includes a call option, providing Ørsted with the opportunity, but no obligation, to repurchase the assets from Brookfield between two and seven years from the closing of the transaction at a pre-agreed price.
As the leading offshore wind developer in the
About Ørsted
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, renewable hydrogen and green fuels facilities, and bioenergy plants. Ørsted is recognised on the CDP Climate Change A List as a global leader on climate action and was the first energy company in the world to have its science-based net-zero emissions target validated by the Science Based Targets initiative (SBTi). Headquartered in
About
Brookfield operates
Contact Information
Ørsted
| Media: | Investors: |
| Rasmus Keglberg Hærvig | |
| Tel: +45 99 55 60 17 | Tel: +45 99 55 90 95 |
| Email: [email protected] | Email: [email protected] |
Brookfield
| Media: | Investors: |
| Managing Director | Vice President |
| Corporate Communications | Investor Relations |
| Tel: +44 739 890 9278 | Tel: +1 416 649 8196 |
| Email: [email protected] | Email: [email protected] |
Cautionary Statement Regarding Forward-looking Statements
This press release contains certain forward-looking statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “think,” “expect,” “potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” “estimate,” “anticipate,” the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, including but not limited to the statements with respect to: the proposed transaction; operation of the business following the closing of the transaction; expansion and growth opportunities resulting from the transaction; and expected timing of closing of the proposed transaction. The forward-looking statements are based on Brookfield’s beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to Brookfield or are within their control. If a change occurs, Brookfield’s business, financial condition, liquidity and results of operations may vary materially from those expressed in the forward-looking statements. The following factors, among others, could cause actual results to vary from the forward-looking statements: failure to realize the anticipated benefits within the expected timeframes from the proposed transaction; unforeseen liabilities or other costs of the proposed transaction and timing related thereto; availability and cost of financing for the proposed transaction; changes in the assets’ business; any delays or difficulties in receiving regulatory approvals; failure to complete the transaction; and availability, terms and deployment of capital.
All forward-looking statements speak only as of the date of this press release. Brookfield does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law. Past performance is not indicative or a guarantee of future performance. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
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