Divestment of Borkum Riffgrund 1

Ørsted Borkum Riffgrund1
May 2012
Deal Value:
EUR 630 million
Structured auction

Ørsted is one of the leading energy groups in Northern Europe. The company is headquartered in Denmark. The business is based on procuring, producing, distributing and trading in energy and related products in Northern Europe. The company has approximately 6,000 employees and generates DKK 55 billion (EUR 7.3 billion) in revenue in 2010.The acquirers of Borkum Riffgrund 1 offshore wind farm are KIRKBI A/S and the Oticon Foundation.
Borkum Riffgrund 1 will be located off the German coast in the North Sea. When completed, the offshore wind farm will have a nameplate capacity of 277MW and will be able to supply CO2-free power equivalent to the annual electricity consumption of more than 285,000 households.
The agreement is a major step forward for Ørsted’s partnership model for financing offshore wind farms. Ørsted has previously entered into partnership agreements with institutional investors on investment in renewable energy generation, but the agreement with KIRKBI and the Oticon Foundation is its first agreement with privately owned companies.