Greencoat, Ørsted finalize sale of 630 MW offshore wind project in the Thames Estuary

Ørsted A/S has announced the sale of its 25% stake in the 630 MW London Array Offshore Wind Farm to Greencoat UK Wind Plc. The facility is located 20 km off the north Kent coast and is one of the world's largest offshore wind farms. The deal, which was carried out in conjunction with investment manager Schroders Greencoat LLP, is worth GBP717 million (US$914 million).

Launched in 2013, the London Array has been a major source of renewable energy for the UK, providing enough electricity to power nearly half a million homes. The sale of Ørsted's stake marks its exit from the project entirely, with RWE AG, CDPQ, and Masdar remaining as major shareholders.

The sale comes as Ørsted continues to expand its focus on renewable energy projects, including the development of offshore and onshore wind farms, solar power facilities, and energy storage solutions. The company is committed to reducing carbon emissions and promoting sustainable energy alternatives, and the sale of its stake in the London Array represents a strategic move towards this goal.