Ørsted wraps up Borkum Riffgrund 3 OWF divestment

Renewables

Germany – Ørsted has completed a 50% divestment of the 900 MW German offshore wind farm Borkum Riffgrund 3 to Glennmont Partners.

At the end of October, the two companies agreed the purchase of a 50 percent stake in Ørsted’s German offshore wind farm Borkum Riffgrund 3 with a total installed capacity of 900 megawatts. Wind farm commissioning is scheduled for 2025.

Largest wind farm

The wind farm will be built next to the existing Borkum Riffgrund wind farms. The Borkum Riffgrund 3 offshore wind farm, with a capacity of 900MW in the German sector of the North Sea, is expected to be Germany’s largest offshore wind farm. The wind farm will be built and operated by Ørsted under an EPC contract for the full scope of the project for a period of twenty years as well as provide a market for the power and green certificates generated by Borkum Riffgrund 3.

Ørsted has designed a 20-year offtake agreement that provides Glennmont with a combination of fixed prices and collared prices for 15 years for the majority of their share of volumes while also leaving certain volumes exposed to market power prices. Ørsted has already signed long-term fixed price corporate power purchase agreements totaling 450 MW on Borkum Riffgrund 3.

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