Today’s news / Ørsted exits France, eyes other EU markets

Ørsted exits France, eyes other EU markets

Danish energy company Ørsted is divesting its French energy business, Ostwind France, to focus on the UK, Irish, German, and Spanish markets for onshore wind and solar energy. The sale price was not disclosed. Kieran White, Ørsted’s Head of Onshore Europe, indicated a new business plan aims to pinpoint where Ørsted can create the most value. Ostwind France was acquired in 2022 as part of the Ostwind AG solar energy business purchase. While the German part of the acquisition is fully integrated and central to Ørsted’s investment strategy, the sale of Ostwind France concludes Ørsted’s activities in France, with the transaction expected to close in the second quarter of 2024. This sale follows the March divestiture of stakes in four US wind farms, which garnered Ørsted $300 million. These funds help Ørsted after substantial losses from US project devaluations that led to a strategy for financial recovery, including the sale of existing assets.