Brookfield takes $2.3-billion stake in Ørsted UK wind farms

LONDON, October 30, 2024 – Brookfield has bought a 12.45% stake worth USD 2.3 billion in four of Ørsted’s UK offshore wind farms, the global investment firm said on Wednesday.

The wind farms include Hornsea 1, Hornsea 2, Walney Extension and Burbo Bank Extension. They have a combined capacity of around 3.5 GW.

Brookfield has undertaken the transaction – expected to close by end-2024 – through Brookfield Infrastructure Fund V, the world’s largest infrastructure fund.

The firm, which is among the largest energy transition investors globally, will make a significant expansion in the wind sector with the deal.

“We are pleased to be partnering with Ørsted to invest in four high-quality assets that are critical to supplying the UK with renewable power and supporting the country’s decarbonization objectives,” Connor Teskey, CEO of Brookfield Renewable and president of Brookfield Asset Management, said.

“This is Brookfield’s first investment in U.K. offshore wind, which will continue to be a critical part of the energy mix and to support the growing demand we see for clean energy.”

Ørsted is Denmark’s largest energy provider. In February, the company announced a farm-down programme. Wednesday’s deal is a significant step in its progress.

Photo courtesy of Ørsted.