Orsted dumps stake in UK offshore wind farm for $606 million

Orsted has sold a 24.5 per cent stake in a UK offshore wind farm for around 456 million pounds ($606 million) to funds managed by Schroders Greencoat, it said on Thursday.

The world's biggest offshore wind power developer will retain a 25.5 per cent stake and remain the operator of the West of Duddon Sands project located off the UK west coast, which has a capacity of 389 megawatts, it said.

Orsted's Chief Financial Officer Trond Westlie said in a statement the deal met the company's strategic objectives, "in terms of value creation, risk diversification, and capital recycling."

Battling to restore investor confidence, Orsted in February trimmed its investment and capacity targets and paused dividend payouts as part of a major review.

(Reporting by Stine Jacobsen; Editing by Jan Harvey)