Danish power major Orsted has announced the completion of its acquisition of a 100% equity interest in German and French renewables developer Ostwind.
Included in the deal are Ostwind’s subsidiaries, Ostwind Erneuerbare Energien GmbH, Ostwindpark Rotmainquelle GmbH & Co. KG, Ostwind International SAS, and Ostwind Engineering SAS.
The company acquired the stakes from Ostwind AG, a holding company located in Regensburg, Germany.
The deal is based on an enterprise valuation of Ostwind of €689m, though the final deal will be subject to customary adjustments. Orsted will take on the financial liabilities of the projects and companies.
Ostwind has been developing and managing onshore wind and solar PV projects for over 20 years, with over 1GW of energised projects across the two countries.
In addition, it has a portfolio of 152MW in operation and under construction, approximately 526MW in advanced development, and around 1GW in its development pipeline.
Ostwind’s existing management team will continue to run the business as they are integrated into Orsted’s onshore business unit.