Ørsted has exercised a buyback right in relation to the Gunfleet Sands 1 and 2 Offshore Wind Farm, taking over full ownership.

The 172MW farms located 7 km off the Essex coast in the UK were 50.1 per cent owned by Ørsted already, but will now take full control for an estimated £15m.

Richard Bodal Hansen, Ørsted’s UK country manager, said: “Gunfleet Sands 1 and 2 have been part of the UK’s renewable energy story since 2010, and we’re proud of the contribution it continues to make. Taking full ownership gives us greater flexibility to shape the site’s future and build on the value of an asset we know well.”

The farms have been operational since 2010 and the transaction builds on Ørsted’s extensive experience as a leading offshore wind generator in the UK, where its operational fleet of 12 offshore wind farms supplies approximately 7 per cent of the UK’s electricity.

The acquisition follows Ørsted’s exercise of a long-standing buyback right established as part of the original partnership agreements.

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