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Danish energy company Ørsted is selling its stake in U.S. wind farms.
Ørsted announced on Wednesday that it had agreed to sell its stake in four U.S. onshore wind farms with a total capacity of 957 megawatts (MW) to investment group Stonepeak for approximately $300 million.
Ørsted said, “Through this transaction, we have been able to reinvest capital to support our business plans and future value-creating renewable energy projects.”
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According to Ørsted’s statement, Stonepeak will receive 80% of the cash distribution linked to the project, and Ørsted will continue to operate its asset portfolio.
Furthermore, Ørsted revealed that it maintains a unilateral call option on Stonepeak’s profits, which can be exercised under certain circumstances after completing the transaction.
On the other hand, Ørsted’s share price fell by 4% on the news of the sale.
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