Ørsted to sell European onshore business to CIP for $1.7bn

Core Viewpoint - Ørsted has agreed to sell its entire European onshore business to Copenhagen Infrastructure Partners for DKr10.7bn ($1.69bn), aligning with its strategy to focus on offshore wind projects in Europe [1][2]. Group 1: Transaction Details - The divestment includes Ørsted's onshore activities across Ireland, the UK, Germany, and Spain, covering wind, solar energy, and battery energy storage systems (BESS) with a total of 578MW in operation and an additional 248MW under construction [1]. - The transaction is expected to be finalized in the second quarter of the year, pending regulatory approvals [3]. - Ørsted will retain its onshore operations in the US, which have been independently managed since October 2025 [3]. Group 2: Strategic Implications - The acquisition by CIP strengthens its presence in Europe and complements its existing portfolio, allowing for accelerated deployment of renewable energy and enhancing Europe's energy independence [2]. - Ørsted's divestment aligns with its strategy to concentrate on offshore wind projects, where substantial capacity tenders are anticipated in the coming years [2]. - This sale, along with other divestments, is part of Ørsted's program aimed at enhancing financial stability, with expected proceeds of approximately DKr46bn by the end of 2026, exceeding the initial target of more than DKr35bn [4]. Group 3: Financial Position - Ørsted's CFO expressed satisfaction with the sale, indicating that it finalizes the divestment program and significantly strengthens the company's financial position [5].