Ørsted has clinched a sale of a 50-percent stake in the 900MW offshore wind farm Borkum Riffgrund 3. The buyers are funds managed by Glennmont Partners, a press release informs.

The sale was originally announced on Oct. 19. Per the announcement, the total transaction value is expected to come to around DKK 9bn (USD 1.38bn). This price includes the 50-percent stake and an obligation for Glennmont to finance half the costs tied to the engineering, procurement and construction contract for the entire offshore wind farm.

"The transaction is Ørsted's first farm-down to an institutional investor to be signed prior to taking final investment decision on the project," the utility wrote at the time.

Borkum Riffgrund 3 is expected to enter operation in 2025.

As part of the deal, Ørsted will be responsible for building the wind project under an EPC contract as well as operate and maintain the farm for a 20-year period.

The finalization of the transaction will have no impact on Ørsted's 2022 forecast.

Glennmont Partners is an investment fund exclusively focused on renewable energy investments. The group is owned by asset manager Nuveen, which has USD 1.3trn in assets under management. Glennmont is already a partner in another of Ørsted's offshore projects, Gode Wind 1.

Ørsted gets decisive nod for 900MW farm 

Ørsted divests half stake in offshore wind farm