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Ørsted to sell 50% of Gode Wind 3 Offshore Wind Farm in Germany for €473m
Transactions - OCTOBER 20, 2023

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Ørsted to sell 50% of Gode Wind 3 Offshore Wind Farm in Germany for €473m

by Kali Persall

Ørsted has agreed to sell a 50 percent stake in the Gode Wind 3 Offshore Wind Farm in Germany to funds managed by Glennmont Partners from Nuveen, one of Europe’s largest fund managers focused exclusively on investments in clean-energy infrastructure

With a capacity of 253 megawatts, Gode Wind 3 was awarded to Ørsted in 2017 and 2018 as two separate projects. Gode Wind 3 is under construction alongside the Borkum Riffgrund 3 Offshore Wind Farm, where Ørsted and Glennmont are already 50-50 joint owners. Glennmont also co-owns Ørsted’s Gode Wind 1 Offshore Wind Farm.

The Gode Wind 3 transaction was valued at €473 million ($500 million), which includes the price for the acquisition of the 50 percent ownership share of the offshore wind farm and a commitment to fund 50 percent of the construction of Gode Wind 3.

Gode Wind 3 is expected to enter into commercial operation in 2024.

“We continue to see strong investor interest for offshore wind farms,

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