Ørsted sells 50% stake in US onshore wind portfolio

Ørsted has completed a transaction worth $410 million with Energy Capital Partners to divest a 50% ownership stake in a portfolio of three onshore wind farms and a solar farm in the US.

The portfolio is comprised of: Lincoln Land Wind (302MW) in Illinois, Plum Creek Wind (230MW) in Nebraska, and Willow Creek Wind (103MW) in South Dakota, as well as the Muscle Shoals solar farm in Alabama.

The developer said the deal was its first ever farm-down of onshore assets; a mechanism by which the owners of renewable energy projects sell stakes to institutional investors seeking a long-term yield.

The four projects are all operational and have power purchase agreements in place for all or parts of their production capacity.

Ørsted, which said the deal would raise capital to help reach its goal of 50GW of installed renewable capacity globally by 2030, will continue to provide asset management services to the projects.