Ørsted closes buy of wind, solar developer Ostwind

Solar farm in France. Featured Image: Mny-Jhee/Shutterstock.com

September 20 (Renewables Now) - Danish offshore wind developer Ørsted (CPH:ORSTED) announced on Monday it has finalised the acquisition of Ostwind AG, a developer of solar and onshore wind parks in Germany and France with a roughly 1.7-GW portfolio.

As part of the transaction, Ørsted has taken full ownership of Ostwind Erneuerbare Energien GmbH, Ostwindpark Rotmainquelle GmbH & Co KG, Ostwind International SAS and Ostwind Engineering SAS. The buyer does not expect the deal to affect its financial forecast for the current year.

The acquisition of Ostwind, which was agreed in July and included the assumption of its financial liabilities, gave the solar and wind developer an enterprise valuation of EUR 689 million (USD 686.8m).

Ostwind, with headquarters in Germany and France, has been developing wind projects since 1992 and has topped 1 GW of completed schemes in its two home markets. The company now has 152 MW of plants in operation and under construction, some 526 MW of projects in advanced development, as well as an additional development pipeline totalling 1 GW, mostly wind. It has nine offices in Germany and France and 115 employees.

The acquired business will gradually become part of Ørsted’s Onshore business.

(EUR 1.0 = USD 0.997)

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