Orsted Divests 50% of Giant Hornsea 1 Project at Price Well Above Expectations
Orsted has signed an agreement to sell 50% of its giant Hornsea 1 offshore wind farm at a price well above expectations. The price upside to our expectations will add DKK 15, or 3.5% to our fair value estimate. For the moment, we reiterate our fair value estimate of DKK 430 per share along with our narrow moat, stable trend ratings. Orsted will hold a capital markets day Nov. 28 to provide more clarity on its capital-allocation policy. The sale of the retail and distribution activities in Denmar...Orsted is a renewable energy company based in Denmark. Co. is engaged in developing a renewables portfolio based on competences in offshore wind, bioenergy, and energy solutions. Co. is active in deploying offshore wind and converting existing coal- and gas-fired power stations to sustainable biomass, providing a heat and power supply which is both green and flexible. Co. divides its operations into four businesses: Wind Power, Bioenergy & Thermal Power, and Distribution & Customer Solutions. The Bioenergy & Thermal Power and Distribution & Customer Solutions businesses jointly constitute Co.'s Danish utility business. Co. maintains activities primarily in Northwestern Europe.
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