Ørsted divests wind farms, boosts capital
Ørsted has sold stakes in four U.S. wind farms to energy investment firm Stonepeak, earning $300 million, about 2 billion Danish kroner. This sale, along with $700 million in tax credits related to the projects, brings the transaction value to $1 billion or 6.8 billion kroner. The funds come at a crucial time for Ørsted after it faced a shortfall worth over 20 billion kroner due to asset write-downs last fall. To recover, Ørsted has devised a crisis plan that includes selling existing parks to secure necessary cash reserves. The wind farms sold include two in Texas and one each in Illinois and Kansas. Moreover, Ørsted has secured an option to potentially repurchase the stakes in the future.