Danish wind farm operator Orsted said on Tuesday it has agreed to sell its European onshore business to Copenhagen Infrastructure Partners for €1.44 billion ($1.70 billion), boosting its balance sheet.
The sale was part of Orsted's broader efforts - including a $9.4 billion share issue last year - to raise cash and stabilise its finances following US President Donald Trump's crackdown on offshore wind development projects.
It completes a divestment programme, pivoting the company back to offshore wind in its core European markets, where significant capacity is expected to be tendered in coming years.
The European onshore business spans operations in Ireland, Britain, Germany and Spain, comprising 578 megawatts (MW) of operational capacity and 248 MW under construction.
Its divestment comes a day after a US federal judge allowed Orsted to resume construction on its Sunrise Wind project off New York while it challenges stop-work orders imposed by Trump's administration.
But analysts warn political risks remain high for Orsted's US operations, despite the ruling.
Orsted's share price had declined 0.7 per cent by 09:19 GMT.
Together with previously announced deals including the divestment of a 50 per cent stake in Hornsea Three and 55 per cent of Changhua Two, Orsted has now signed transactions totalling around DKK46 billion in proceeds, exceeding its target of more than DKK35 billion, the company said in a statement.
"The divestment of our European onshore platform finalises the divestment programme that we've laid out, and we've now substantially strengthened Orsted's financial position," Chief Financial Officer Trond Westlie said in the statement.
(Reporting by Terje Solsvik and Stine Jacobsen, editing by Andrew Heavens)
