Wind Energy – Gode Wind 3
Ørsted has signed an agreement to divest 50% of the Gode Wind 3 Offshore Wind Farm in Germany to funds managed by Glennmont Partners from Nuveen (Glennmont).
Glennmont is one of Europe’s largest fund managers, focused exclusively on investments in clean energy infrastructure. It is owned by Nuveen, a TIAA company and global asset manager with over USD 1.1 trillion in assets under management and a top 20 infrastructure manager globally.
Gode Wind 3 has a capacity of 253 MW and was awarded to Ørsted in 2017 and 2018 as two separate projects with a weighted average feed-in tariff of EUR 81 per MWh. Gode Wind 3 is currently under construction alongside the Borkum Riffgrund 3 Offshore Wind Farm, where Ørsted and Glennmont are already 50/50 owners. Furthermore, Glennmont also co-owns Ørsted’s Gode Wind 1 Offshore Wind Farm.
The value of the Gode Wind 3 transaction is EUR 473 million (approx. DKK 3.5 billion), which comprises the price for the acquisition of the 50 % ownership share of the offshore wind farm and a commitment to fund 50 % of the construction of Gode Wind 3. Gode Wind 3 is expected to enter into commercial operation in 2024.
The transaction is expected to complete in the coming months, subject to regulatory approvals.