Green energy giant announce sale of onshore business
Ørsted, a major producer of offshore wind energy headquartered in Cork, has agreed to sell its onshore business to Copenhagen Infrastructure Partners (CIP) in a deal reportedly worth €1.44 billion.
The deal is expected to be closed in Q2 2026, subject to regulatory approvals.
Ørsted’s European onshore business builds and operates wind, solar, and storage projects in Ireland, the UK, Germany, and Spain. Under the deal, it will become a standalone company operating under a new name and brand, both of which will be announced in the coming months.
Ørsted said its “people, assets, construction projects and development pipeline in Ireland are unaffected by the transaction”.
The company currently operates 20 wind farms across Ireland, including one in Cork at Gneeves, near Millstreet. It currently has one farm under construction in Tipperary, and six in active development - including one in Coom, and one in Ballinagree.
The transaction is the third in a series of divestments from onshore energy generation from 2025-2026.
The company experienced difficulties in its US operations last year which stymied its international growth last year. A halt to projects off the east coast of the US - which were around 90% complete was lifted by the courts last month, but the company has announced a plan to cut approximately 2,000 jobs by 2027.
The company previously sold 50% of its stake in Hornsea 3 off the east coast of England, and 55% of Changhua 2 off the west coast of Taiwan.
A spokesperson said the three transactions left the company with a stronger financial foundation, with proceeds of approximately €6.1 billion. The company had a target of €4.6 billion for the period.
They said the sales were part of a broader strategy of “refocusing on offshore wind energy our core European markets, where a significant amount of capacity is expected to be tendered in the coming years”.
Kieran White, Senior Vice President of Europe Onshore at Ørsted, said he is looking forward to “accelerating growth across our development pipeline, thereby strengthening our role in Europe’s onshore wind, solar, and battery markets”.
TJ Hunter, Vice President for Onshore in the UK and Ireland at Ørsted said Cork will remain the company’s headquarters.
“With CIP as our new owner, we’re looking forward to opening new wind farms, repowering parts of our existing fleet, delivering our first Irish solar developments, and accelerating the supply of more secure, home-grown, and cost-competitive green electricity to Irish energy consumers,” he said.
Ørsted has been active in Ireland since acquiring Brookfield Renewable Ireland in 2021.
The company’s international headquarters are in Denmark, where they built the world's first offshore wind farm - Vindeby Offshore Wind Farm - in 1991.