(Bloomberg) -- Orsted A/S has launched the sale of a stake in one of the world’s biggest wind farms planned off the UK coast, according to people familiar with the matter.
The Danish utility aims to sell about 50% of its Hornsea 3 project, said the people, who asked not to be identified because the process is private. The sale is a major test for Orsted and its largest-ever project following years of challenges for the offshore wind industry.
The firm is ramping up divestments as part of a turnaround plan launched by Chief Executive Officer Mads Nipper earlier this year. Brookfield announced in October that it bought a £1.75 billion ($2.2 billion) stake in four of Orsted’s operational wind farms in British waters.
It’s not clear what price Orsted is seeking for the stake, according to the people. But any buyer will likely need to help fund construction of the project that will be able to supply power for more than 3 million British households. The company has previously described it as an £8.5 billion infrastructure project.
The sale of Hornsea 3 will test the market’s appetite for Orsted’s projects that are still under development. The Danish company dominated an auction in the UK earlier this year that offered government-backed contracts to sell power from offshore wind farms. That result provided a boost for Hornsea 3 project, which won a 45% increase on the price it will get from a portion of the wind farm.
Orsted has tapped advisers from Bank of America Corp. and Credit Agricole SA to run the sale, the people said.
A spokesperson for Orsted declined to comment while noting that the company has previously said it plans to sell down the stake in Hornsea 3 during 2025. Spokespeople for CACIB and BofA declined to comment.
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