Power Technology

Orsted to offload 50% of Gode Wind 3 to Glennmont for $498m

The deal includes the price of the acquisition along with a commitment to finance 50% of the construction cost.

Danish energy giant Ørsted has entered an agreement to sell a 50% stake in the 253MW German offshore wind farm Gode Wind 3 to Glennmont Partners.

The €473m ($498m) deal includes the price of the acquisition along with a commitment to finance 50% of the construction cost.

It awaits regulatory clearances and is scheduled to close in late 2023 or early 2024.

Ørsted secured rights to build Gode Wind 3 in 2017 and 2018 as two separate projects, with an average feed-in tariff of €81 per megawatt-hour.

The final investment decision on the project was taken in December 2021.

The wind farm is located in the German North Sea. It is under construction alongside the Borkum Riffgrund 3 offshore wind project, in which Ørsted and Glennmont are equal stakeholders.

Glennmont also owns a stake in Ørsted’s Gode Wind 1 offshore wind farm.

This is powered by 23 Siemens Gamesa SG 11.0-200 DD offshore wind turbines. Each can generate 11MW of clean electricity.

The power generated from Gode Wind 3 will be transmitted to TenneT’s offshore high-voltage direct current converter station, DolWin Kappa, and to an onshore grid connection in Emden, Germany. This project is expected to begin operations in 2024.

Ørsted Central Europe head Peter Obling stated: “We continue to see strong investor interest for offshore wind farms, and we are very pleased to once again welcome Glennmont as a co-owner of one of our German offshore wind farms.

“As the leading developer of offshore wind in Germany, Ørsted is committed to being a central part of the German Energiewende, and we’ll continue to work to support the green transformation in this strategic market.”

Glennmont Partners chief financial officer and partner Francesco Cacciabue stated: “This third investment in German offshore wind with Ørsted continues and strengthens our successful partnership.

“Ørsted is a recognised leader in the offshore wind sector, and this acquisition underscores Glennmont’s strategy of investing in superior quality projects and developing long-term strategic partnerships with industry leaders.”