Schroders Greencoat acquires 24.5% stake in West of Duddon Sands Offshore Wind Farm from Ørsted
Ørsted has completed a farm down for a 24.5% stake in West of Duddon Sands Offshore Wind Farm to funds managed by Schroders Greencoat.
The value of the transaction is £456.1 million (approx. DKK 4 billion) on a debt-free basis. The transaction closed on April 30, 2025.
Located approximately 14 km off the UK west coast, West of Duddon Sands has been operating since 2014 and has a capacity of 389 MW.
Schroders Greencoat is a leader in renewable infrastructure asset investments with a combined net generating capacity of over 7GW and £9.6bn billion assets under management. This transaction builds on a strong collaboration between Ørsted and Schroders Greencoat who are also an existing partner on four Ørsted offshore wind farms Walney, Burbo Bank Extension, Hornsea 1, and Borkum Riffgrund 1.
With this transaction, Ørsted continues to deliver on its partnership and divestment programme as part of securing a robust capital structure, diversifying risk, and recycling capital.
Ørsted will retain a 25.5%, pro-rata consolidated interest in West of Duddon Sands and will remain the operator under the existing operations and maintenance agreement.
Based on a self-funded business plan, Ørsted is executing a more than 8 GW offshore wind construction programme which will almost double the company’s installed offshore wind capacity and solidify Ørsted’s position as the global leader in offshore wind.
Trond Westlie, Group CFO of Ørsted, said:
“Farm-downs and partnerships are an integral part of Ørsted’s business model, and we’re pleased to expand our partnership with Schroders Greencoat who has a proven track record in managing renewable energy infrastructure assets and is a highly valued partner to Ørsted. With today’s announcement we continue to deliver on our farm-down programme with a transaction that meets our strategic objectives for partnerships and divestments in terms of value creation, risk diversification, and capital recycling.”
Minal Patel, Global Head of Infrastructure, Schroders Capital, commented:
"We are incredibly pleased to strengthen our position through this long-term partnership with Orsted. West of Duddon Sands represents an excellent asset with strong, inflation-protected cash flows, which should perform robustly in what is currently a volatile market."
"As we navigate the energy transition, we recognise that this sector will continue to evolve. By investing in established assets like West of Duddon Sands, we position ourselves to achieve secure returns while contributing to the decarbonisation of power generation and supporting sustainable infrastructure development."
As the leading offshore wind developer in the UK, Ørsted currently operates more than 5 GW of offshore wind capacity and has an additional 5 GW under construction or in development, including the Hornsea 3 and Hornsea 4 projects, both of which have secured CfDs. Globally, Ørsted has installed 18.5 GW renewable energy across offshore wind, onshore wind, solar PV, and battery storage, and has another more than 8 GW under construction.
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For further information from Schroders Greencoat, please contact:
Rachael Dowers, Media Relations Lead, Private Markets | +44 20 7658 2086 | |
Jessye Brandon. PR Manager | +44 20 7658 3789 |
For further information from Ørsted, please contact:
Tom Christiansen, Global Media Relations | +45 99 55 60 17 | tomlc@orsted.com |
Rasmus Keglberg Hærvig, Investor Relations | +45 99 55 90 95 | IR@orsted.com |
About Schroders Greencoat
Schroders Greencoat LLP, formerly Greencoat Capital LLP, is a specialist manager dedicated to the renewable and energy transition infrastructure sector. With teams in London, Dublin, Frankfurt, Copenhagen, and Madrid, as well as in New York and Chicago, and around £9.6 billion under management*, Schroders Greencoat is one of the largest dedicated managers in Europe. It was founded in 2009 and currently has fund mandates with strategies investing into wind, solar, bioenergy and energy transition in the UK, Europe and the United States. In total, Schroders Greencoat manages over 430 renewable infrastructure assets with an aggregate net generation capacity of over 7.4 GW*.
For more information, please visit https://www.schrodersgreencoat.com.
* As of 31 December 2024, Figures include two assets in construction or under forward purchase agreements. Inclusive of 125 assets for which management was transferred over from two other managers. Assets in APAC are advised by Schroders Greencoat and managed by Schroders Investment Management (Hong Kong) Limited.
Schroders Capital
Schroders Capital provides investors with access to a broad range of private market investment opportunities, portfolio building blocks and customised private market strategies. Its team focuses on delivering best-in-class, risk-adjusted returns and executing investments through a combination of direct investment capabilities and broader solutions in all private market asset classes, through comingled funds and customised private market mandates.
The team aims to achieve sustainable returns through a rigorous approach and in alignment with a culture characterised by performance, collaboration and integrity.
With $99.3 billion (£79.3 billion; €95.9 billion)* assets under management, Schroders Capital offers a diversified range of investment strategies, including real estate, private equity, secondaries, venture capital, infrastructure, securitised products and asset-based finance, private debt, insurance-linked securities and BlueOrchard (Impact Specialists).
*Assets under management as at 31 December 2024 (including non-fee earning dry powder and in-house cross holdings)
Schroders plc
Schroders is a global investment manager which provides active asset management, wealth management and investment solutions, with £778.7 billion (€941.8 billion; $975.3 billion) of assets under management at 31 December 2024. As a UK listed FTSE100 company, Schroders has a market capitalisation of circa £6 billion and over 6,000 employees across 38 locations. Established in 1804, Schroders remains true to its roots as a family-founded business. The Schroder family continues to be a significant shareholder, holding approximately 44% of the issued share capital.
Schroders' success can be attributed to its diversified business model, spanning different asset classes, client types and geographies. The company offers innovative products and solutions through four core business divisions: Public Markets, Solutions, Wealth Management, and Schroders Capital, which focuses on private markets, including private equity, renewable infrastructure investing, private debt & credit alternatives, and real estate.
Schroders aims to provide excellent investment performance to clients through active management. This means directing capital towards resilient businesses with sustainable business models, consistently with the investment goals of its clients. Schroders serves a diverse client base that includes pension schemes, insurance companies, sovereign wealth funds, endowments, foundations, high net worth individuals, family offices, as well as end clients through partnerships with distributors, financial advisers, and online platforms.
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About Ørsted
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants. Ørsted is recognised on the CDP Climate Change A List as a global leader on climate action and was the first energy company in the world to have its science-based net-zero emissions target validated by the Science Based Targets initiative (SBTi). Headquartered in Denmark, Ørsted employs approx. 8,300 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2024, the group's revenue was DKK 71.0 billion (EUR 9.5 billion). Visit orsted.com or follow us.