Ørsted has agreed to acquire Ostwind, which includes a 100 per cent equity stake in OSTWIND Erneuerbare Energien, OSTWINDpark Rotmainquelle, OSTWIND International, and OSTWIND Engineering. Ostwind develops, owns, and operates onshore wind and solar projects in Germany and France. With the financial obligations of the projects and companies included, the agreement provides Ostwind an enterprise valuation of €689 million.

Its final value will be subject to customary adjustment. In terms of capacity, Ostwind currently has 152 MW operational or under construction, 526 MW in advanced development, and an additional 1 GW in its pipeline. There are approximately 115 employees working for the organisation throughout its nine local offices in France and Germany.

The acquisition will expand Ørsted’s presence in Europe by allowing it to enter the growing German and French onshore markets. Additionally, it will assist the Danish company in achieving its target of deploying 17.5 GW of onshore capacity globally by 2030. Under the condition of merger and foreign investment clearances, the transaction is anticipated to close in the second half of 2022. The operations of Ostwind will progressively be incorporated into the onshore division of Ørsted.

REGlobal’s Views: This is a massive acquisition as Ostwind has a GW plus portfolio of commissioned and upcoming projects. Moreover, this deal comes soon after Ørsted’s acquisition of Brookfield Renewable’s Ireland and UK onshore wind platform in 2021 as well as the company’s recent entry into the Spanish onshore market. Thus, with all these developments Ørsted’s market position is further strengthened in the European onshore renewables space.