Stonepeak acquires 957MW onshore wind portfolio from Ørsted
Transactions - MARCH 13, 2024

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Stonepeak acquires 957MW onshore wind portfolio from Ørsted

by Kali Persall

Stonepeak is acquiring an equity ownership stake in a portfolio of four U.S. onshore wind farms with a total capacity of 957 megawatts from Ørsted.

The transaction is valued at $300 million. Ørsted has previously raised approximately $700 million in tax equity proceeds for this portfolio, bringing the total proceeds raised to approximately $1 billion.

Going forward, Stonepeak will receive 80 percent of the cash distributions associated with the projects, while Ørsted will continue to operate the portfolio of assets. As part of the transaction, Ørsted retains a unilateral call option for Stonepeak’s interests that can be exercised under certain circumstances after the closing of the transaction.

In continuation of Ørsted’s farm-down program, this transaction represents the company’s first partnership with Stonepeak and the second major farm-down of multiple assets in the United States. Although it is structured differently, Ørsted said the transaction

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