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Ørsted (OTCPK:DNNGY) said Tuesday it agreed to sell 50% of the Gode Wind 3 offshore wind farm in Germany to funds managed by Nuveen’s Glennmont Partners for €473M (nearly $500M).
The deal includes the price for the stake purchase as well as a commitment from both companies to fund half of the construction costs.
Gode Wind 3 is under construction alongside the Borkum Riffgrund 3 offshore wind farm, where Ørsted and Glennmont already are 50-50 owners; the two companies also co-own the Gode Wind 1 offshore wind farm.
Gode Wind 3 is expected to enter commercial operation sometime in 2024.
