Germany – Ostwind AG, a German holding company, has entered into an agreement with Ørsted to sell a 100 percent equity interest in the following companies: Ostwind Erneuerbare Energien GmbH, Ostwind park Rotmainquelle GmbH & Co. KG, Ostwind International S.A.S., and Ostwind Engineering S.A.S.
The agreement is based on a EUR 689 million enterprise valuation of Ostwind. This includes the companies’ and projects’ financial obligations. The final cost is subject to customary modifications.
The purchase of Ostwind significantly widens Ørsted’s onshore footprint in Europe and allows it to enter the sizable and expanding German and French onshore markets. Along with the recent entry into the Spanish onshore market and the upcoming acquisition of Brookfield Renewable’s Ireland and UK onshore wind platforms in 2021, Ørsted’s onshore renewables platform now scaled-up covers the US market and four of the biggest growth markets in Europe.
Ostwind designs, builds, and manages onshore wind and solar PV projects. The company has offices in Strasbourg, France, and Regensburg, Germany. The company has been involved in onshore wind development for more than 20 years and has completed more than 1 GW worth of powered projects in both countries. Currently, Ostwind’s portfolio includes 152 MW that are operational or under construction, 526 MW that are in advanced development, and roughly 1 GW that are in its development pipeline. A 115-person, skilled team that is fully integrated and dispersed across nine regional offices in Germany and France runs the business.
The business will continue to be managed by Ostwind’s current management team and eventually be integrated into Ørsted’s Onshore business unit. The transaction is anticipated to close in H2 2022, subject to merger and foreign investment clearances.