Dutch energy firm Ørsted is selling half of its 253MW offshore wind project in Germany to Nuveen-owned infrastructure manager Glennmont Partners in a €473m deal.

Ørsted said it is selling 50% of the Gode Wind 3 Offshore Wind Farm to funds managed by Glennmont.

The €473m transaction includes the price for a 50% ownership share of the offshore wind farm and a commitment to fund 50% of the construction of Gode Wind 3, which is expected to enter into commercial operation in 2024.

The latest deal expands on Ørsted and Glennmont’s relationship which includes the Borkum Riffgrund 3 Offshore Wind Farm and the Gode Wind 1 Offshore Wind Farm.

Peter Obling, head of Central Europe at Ørsted, said: “We continue to see strong investor interest for offshore wind farms and we’re very pleased to once again welcome Glennmont as a co-owner of one of our German offshore wind farms.

“As the leading developer of offshore wind in Germany, Ørsted is committed to being a central part of the German Energiewende, and we’ll continue to work to support the green transformation in this strategic market.”

Francesco Cacciabue, CFO and partner at Glennmont Partners, said: “This third investment in German offshore wind with Ørsted continues and strengthens our successful partnership.

“Ørsted is a recognised leader in the offshore wind sector, and this acquisition underscores Glennmont’s strategy of investing in superior quality projects and developing long-term strategic partnerships with industry leaders.”

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