Ørsted completed divestment of 50 % of Gode Wind 3 Wind Farm in Germany

Ørsted has closed the sale of a 50% stake in the 253 MW Gode Wind 3 offshore wind farm to funds managed by Glennmont Partners from Nuveen in Germany.

The 253 MW Gode Wind 3 was granted to Ørsted in 2017 and 2018 as two distinct projects, each with a weighted average feed-in tariff of EUR 81 per MWh. Presently in the construction phase, Gode Wind 3 is being developed in conjunction with the Borkum Riffgrund 3 Offshore Wind Farm. Ørsted and Glennmont are joint 50/50 owners of the Borkum Riffgrund 3 project. Additionally, Glennmont is a co-owner of Ørsted’s Gode Wind 1 Offshore Wind Farm.

The value of the Gode Wind 3 transaction is EUR 473 million (USD 509 million), which comprises the price for the acquisition of the 50% ownership share of the offshore wind farm and a commitment to fund 50% of the construction of Gode Wind 3. Gode Wind 3 is expected to enter into commercial operation in 2024.