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Ørsted has signed an agreement with Glennmont Partners (’Glennmont’), who will be acquiring a 50 % ownership share in Ørsted’s 900 MW German offshore wind farm Borkum Riffgrund 3.
The wind farm, which was awarded at EUR 0 per MWh in 2017 and 2018, is expected to be commissioned in 2025, subject to Ørsted’s final investment decision, which is expected by the end of 2021. The total transaction value, at completion of the transaction, is expected to amount to approximately DKK 9 billion which comprises the price for the acquisition of a 50 % ownership share and the commitment to fund 50 % of the payments under the EPC contract for the entire wind farm. As part of the agreement, Ørsted will construct the wind farm under a full-scope EPC contract, perform operations and maintenance services for 20 years, and provide a route to market for the power and green certificates generated by Borkum Riffgrund 3. Ørsted has so far signed long-term fixed price corporate power purchase agreements on Borkum Riffgrund 3 for a total of 450 MW.
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