Ørsted has agreed to sell its European onshore business for EUR 1.44 billion to Copenhagen Infrastructure Partners, exceeding its asset divestment target. The transaction price values the business at EUR 2.64 million per megawatt of installed capacity. Despite the deal’s value creation of 4 DKK per share, Morningstar confirms its DKK 160 fair value estimate for Ørsted.

The European onshore wind business being sold by Ørsted consists of 545 MW of wind capacity, representing 10% of its total onshore assets. This move comes as Ørsted refocuses on its core European offshore wind business, following balance-sheet pressure from US offshore wind setbacks and higher interest rates. Ørsted initially diversified into onshore wind through acquisitions in 2021-22.

Read more at Morningstar: Orsted: Sells European Onshore Wind Business at a Good Price; Maintain Fair Value Estimate