Ørsted has signed an agreement to divest 50% of the Gode Wind 3 Offshore Wind Farm in Germany to funds managed by Glennmont Partners.
Glennmont is a European fund manager, focused exclusively on investments in clean energy infrastructure and is owned by Nuveen, a TIAA company.
Gode Wind 3, which is currently under construction, has a capacity of 253MW and was awarded to Ørsted in 2017 and 2018 as two separate projects with a weighted average feed-in tariff of EUR 81 per MWh.
The value of the Gode Wind 3 transaction is EUR 473 million (approx. DKK 3.5 billion), 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.