Ørsted has agreed to transfer 12.4% stakes in four operational UK North Sea wind farms to Brookfield, its institutional partners, and affiliate Brookfield Renewable for £1.745 billion ($2.27 billion).
Hornsea 1, Hornsea 2 in the North Sea, Walney Extension in the East Irish Sea, and Burbo Bank Extension in Liverpool Bay have a combined capacity of about 3.5 GW.
Brookfield Infrastructure Fund V is arranging the transaction, which should close by the end of the year, subject to regulatory approvals.
Ørsted announced it was pursuing a farm-down program in February.
The company will retain a 37.55% interest in all four wind farms, and it will continue to oversee operations and maintenance. All the projects operate under long-term inflation-linked contracts for difference (CfDs).
The agreement includes a call option for Ørsted to repurchase the transferred interests from Brookfield between two and seven years after closing of the transaction at a pre-agreed price.
