Orsted to Sell French Onshore Wind and Solar Business to Engie

By Dominic Chopping

Orsted has agreed to sell its French onshore wind and solar business in France to Engie as part of a strategic refocus.

The Danish renewable energy company is working through a transformation plan that includes cost cuts, asset sales and a refocus of business priorities as it tries to right itself from a costly move into the U.S. offshore wind market.

"As part of our updated business plan, we revised our build-out ambitions towards 2030 with an emphasis on where we believe we can realize the most value for Orsted," said Kieran White, head of Orsted's European onshore business.

"Building on this plan, we've decided to concentrate our efforts on the U.K., Irish, German, and Spanish markets for onshore wind and solar, in Europe."

The French business has 54 megawatts of renewable projects in operation and a further 24 megawatts under construction.

The transaction is expected to close in the second quarter of 2024 after which Orsted will have no remaining activities in France.

Financial terms weren't disclosed.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

04-29-24 0313ET