Orsted said the around 9 billion Danish crown ($1.41 billion) price of the transaction includes the acquisition of a 50% ownership share and a commitment to fund 50% of the payments under the engineering, procurement and construction (EPC) contract for the entire wind farm.
Borkum Riffgrund 3 will be located in the German North Sea and is expected to be commissioned in 2025, according to the company.
Under the terms of the deal, Orsted said it will construct the wind farm under a full-scope EPC contract and provide operations and maintenance services along with a route to market for power generated by the development.
($1 = 6.3933 Danish crowns)
(Reporting by Aishwarya Nair in Bengaluru; Editing by Jan Harvey)