Orsted, the Danish wind-power giant, has sold off equity stakes in four wind farms in the US for $300m (£234.5m).
The four wind farms, which have a total capacity of 957 megawatts, are located in Illinois, Texas, and Kansas.
Today, the group said it would be selling the onshore wind farms to Stonepeak, an alternative investment firm, in Orsted’s first transaction with the firm and its second major sale of multiple assets in the US.
Going forward, Orsted said it would continue to operate the wind farms, but Stonepeak will receive 80 per cent of the cash distributed by the assets.
In addition to the $300m Stonepeak is paying for the equity rights, Orsted said it had previously raised $700m (£547m) in tax equity proceeds for the wind farms, bringing the full amount raised for the firm to $1bn (£780m).
As part of the deal, the firm retains a unilateral call option for Stonepeak’s interests in the wind farms, which can be used in certain circumstances.
In total, Orsted has a portfolio of almost six gigawatts of onshore wind, solar, and battery storage projects in operation and under construction across the US.
David Hardy, executive vice president and CEO of Region Americas at Orsted, said: “This deal signifies the value that our US onshore renewable energy projects can deliver to our investors while also demonstrating the holistic and flexible approach we take to partnerships and divestments.
“While Orsted will continue to operate each asset over its lifetime, we’ll use this capital to fund projects that continue to create the most value for our stakeholders and fuel our growth in the renewable energy sector.”
Anthony Borreca, senior managing director at Stonepeak, added: “The need for efficient infrastructure with the power to further the energy transition continues to grow, and onshore wind continues to play a major role in helping to meet that demand.
“Orsted’s US onshore assets are young and have been built with trusted technology, which gives us confidence in their potential to make a meaningful and positive long-term impact on the communities they serve.”