Orsted buys back remaining Gunfleet Sands stake in UK offshore wind farm
Orsted is consolidating ownership of the Gunfleet Sands 1 and 2 offshore wind farm in Britain as it reviews long-term options for the aging asset. The buyback of the remaining stake for £15 million, or about $20 million, is expected to close in November and could support a potential lifetime extension for the project.
Highlights
- Orsted exercised its buyback right to acquire the remaining shares in the 172 MW Gunfleet Sands offshore wind farm for £15 million.
- Prior to the buyback, Orsted held 50.1%, with JERA and the Development Bank of Japan each owning 24.95% of Gunfleet Sands 1 and 2.
- Full ownership enables Orsted to consider late-life options for the UK wind farm, operational since 2010, including a potential lifetime extension.
Buyback terms and ownership changes
As reported by Reuters, Orsted says it has exercised a right to buy back the remaining share of the Gunfleet Sands offshore wind farm in Britain for £15 million. Before the transaction, the Danish wind farm developer owns 50.1% of the 172 megawatt Gunfleet Sands 1 and 2 project, while Japanese power generator JERA holds 24.95% and the Development Bank of Japan holds 24.95%.The company says the transaction follows a long-standing buyback right set out in the original partnership deal. Gunfleet Sands is located 7 km off southeastern Britain.
Late-life strategy for UK wind asset
Full ownership gives Orsted more flexibility to assess late-life options for the wind farm, including a potential lifetime extension, according to the company's statement. The project has been operational since 2010 and generates enough renewable electricity to power more than 125,000 UK homes annually.The deal highlights how offshore wind operators are managing older assets as the sector weighs refurbishment, extension and ownership restructuring decisions across mature projects.
United Malacca’s minority shareholder compensation offer addressed a missed mandatory general offer after the Tee siblings’ stake rose above the takeover threshold. In our earlier report, we outlined how eligible investors who sold shares within the specified period could claim RM6.10 per share, subject to providing proof of their transactions, while certain costs such as fees and duties would not be reimbursed.
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