Orsted has signed an agreement with funds managed by Schroders Greencoat to divest its remaining 25% minority interest in the 630MW London Array Offshore Wind Farm in the UK.
The total value of the transaction is £717m (DKK 6.17bn).
London Array entered commercial operation in 2013.
Orsted originally owned 50% of the project and divested an initial 25% of London Array to CDPQ in 2014.
Orsted does not have O&M responsibility at London Array and, as the company only holds a minority interest, Orsted considers the asset non-strategic.
Daniel Lerup, chief financial officer at Orsted, said: “We’re very pleased to have found a strong new owner for our remaining minority interest in London Array.
“We continue to see significant appetite for offshore wind as an asset class, and with this divestment, we continue our unrivalled track record of efficiently recycling capital to help fund our DKK 475bn investment programme towards 2030.
“Orsted remains committed to the UK offshore wind market and will continue to make significant investments in the country’s green transformation both onshore- and offshore.”
The transaction is expected to close at the end of July. The gain from the transaction will be part of ‘EBITDA from new partnerships’.