Developer profile
Ørsted
Gentofte, Denmark
About
A Danish company built out of the former DONG Energy, which divested its oil and gas business in 2017, took the name Ørsted the same year and rebuilt itself around offshore wind. The Danish State is still the majority shareholder, with 50.1% at the end of 2025 and Equinor at 10%, and that majority is written into the governance: the articles of association cannot be amended unless the State takes part in the general meeting and supports the change. Since selling its European onshore business in April 2026 it is close to a renewables pure play, with offshore wind beside an operating onshore portfolio in the United States. That cuts both ways: the US impairments and cancelled projects of recent years have landed directly on its results.
Outlook
as of 2026-10 A stated target for 2027, the return discipline, Hafrok's strategic read and 39 public statements on record. For registered readers · register below ↓
Portfolio
50 held + 2 exited · live stages first, exits lastCapacity is net of ownership stake: a 50% JV counts half. Gross exposure (full nameplate of every project held): 28.1 GW. Some stakes are undisclosed, so net GW is a floor.
| Project | Country | Stage | MW | Stake | Net MW |
|---|---|---|---|---|---|
| Hornsea Two↓ farmed down | United Kingdom | Operational | 1320 | 37.5% | 496 |
| Hornsea One↓ farmed down | United Kingdom | Operational | 1218 | 37.5% | 457 |
| Borkum Riffgrund 3↓ farmed down | Germany | Operational | 913 | 50% | 457 |
| Borssele 1 & 2↓ farmed down | Netherlands | Operational | 752 | 50% | 376 |
| Greater Changhua 1↓ farmed down | Taiwan | Operational | 605 | 50% | 303 |
| Gode Wind 1 and 2↓ farmed down | Germany | Operational | 582 | 50% | 291 |
| Race Bank↓ farmed down | United Kingdom | Operational | 573 | 50% | 287 |
| Walney Extension↓ farmed down | United Kingdom | Operational | 659 | 37.5% | 248 |
| Borkum Riffgrund 2↓ farmed down | Germany | Operational | 450 | 50% | 225 |
| Horns Rev 2 | Denmark | Operational | 209 | 100% | 209 |
| Anholt↓ farmed down | Denmark | Operational | 400 | 50% | 200 |
| Walney 1 & 2↓ farmed down | United Kingdom | Operational | 367 | 50.1% | 184 |
| Borkum Riffgrund 1↓ farmed down | Germany | Operational | 312 | 50% | 156 |
| Gode Wind 3↓ farmed down | Germany | Operational | 253 | 50% | 127 |
| Westermost Rough↓ farmed down | United Kingdom | Operational | 210 | 50% | 105 |
| West of Duddon Sands↓ farmed down | United Kingdom | Operational | 389 | 25.5% | 99 |
| Burbo Bank Extension↓ farmed down | United Kingdom | Operational | 258 | 37.5% | 97 |
| Barrow | United Kingdom | Operational | 90 | 100% | 90 |
| Burbo Bank | United Kingdom | Operational | 90 | 100% | 90 |
| Gunfleet Sands↓ farmed down | United Kingdom | Operational | 173 | 50.1% | 87 |
| Nysted (Rodsand 1)↓ farmed down | Denmark | Operational | 166 | 42.8% | 71 |
| Lincs | United Kingdom | Operational | 270 | 25% | 68 |
| South Fork Wind↓ farmed down | United States | Operational | 132 | 50% | 66 |
| Horns Rev 1↓ farmed down | Denmark | Operational | 158 | 40% | 63 |
| Formosa 1 Phase 2 | Taiwan | Operational | 120 | 35% | 42 |
| Block Island Wind Farm | United States | Operational | 30 | 100% | 30 |
| Gunfleet Sands 3 | United Kingdom | Operational | 12 | 100% | 12 |
| Frederikshavn | Denmark | Operational | 8 | 100% | 8 |
| Avedore Holme | Denmark | Operational | 11 | 66.7% | 7 |
| Hornsea 3↓ farmed down | United Kingdom | Under Construction | 2852 | 50% | 1426 |
| Sunrise Wind | United States | Under Construction | 924 | 100% | 924 |
| Baltica 2 | Poland | Under Construction | 1498 | 50% | 749 |
| Greater Changhua 2↓ farmed down | Taiwan | Under Construction | 632 | 100% | 632 |
| Revolution Wind↓ farmed down | United States | Under Construction | 704 | 50% | 352 |
| Greater Changhua 4↓ farmed down | Taiwan | Under Construction | 583 | 50% | 292 |
| Hornsea 4 | United Kingdom | Advanced Development | 2400 | 100% | 2400 |
| Baltica 3 | Poland | Advanced Development | 1045 | 50% | 523 |
| Tonn Nua | Ireland | Advanced Development | 900 | 50% | 450 |
| Dadu II | Taiwan | Early Development | 2002 | 100% | 2002 |
| Incheon Offshore Wind Farm (Ørsted/KOEN) | South Korea | Early Development | 1400 | — | — |
| Dadu I | Taiwan | Early Development | 924 | 100% | 924 |
| Gippsland 01 | Australia | Early Development | — | 100% | 0 |
| Gippsland 02 | Australia | Early Development | — | 100% | 0 |
| Greater Changhua 3 | Taiwan | Proposed | 570 | 100% | 570 |
| Skipjack Wind | United States | On Hold | 966 | 100% | 966 |
| Binh Thuan - T&T / Ørsted | Vietnam | Cancelled | 5000 | — | — |
| Hai Phong City - Ørsted / T&T Group | Vietnam | Cancelled | 3900 | — | — |
| Skåne Offshore Wind (Sweden) | Sweden | Cancelled | 1500 | 100% | 1500 |
| Ocean Wind 2↓ farmed down | United States | Cancelled | 1148 | 100% | 1148 |
| Ocean Wind 1↓ farmed down | United States | Cancelled | 1100 | 100% | 1100 |
| Salamander | United Kingdom | Divested 2025-08 | 100 | 80% sold | — |
| London Array | United Kingdom | Divested 2023-07 | 630 | 25% sold | — |
Divested & farmed down
every recorded sale by this developer · newest first| Announced | Project / portfolio | Type | Stake sold | €m | Buyer |
|---|---|---|---|---|---|
| 2025-12 | Greater Changhua 2 | farmdown | 55% | 670 | Cathay Life / Cathay Power |
| 2025-11 | Hornsea 3 | farmdown | 50% | 5,224 | Apollo Global Management |
| 2025-08-26 | Salamander | acquisition | 80% | — | Odfjell Oceanwind |
| 2025-04 | West of Duddon Sands | farmdown | 24.5% | 534 | Schroders Greencoat |
| 2024-10 | Walney Extension | farmdown | 12.45% | — | Brookfield |
| 2024-10 | Burbo Bank Extension | farmdown | 12.45% | — | Brookfield |
| 2024-10 | Hornsea One | farmdown | 12.45% | — | Brookfield |
| 2024-10 | Hornsea Two | farmdown | 12.45% | — | Brookfield |
| 2023-10 | Gode Wind 3 | farmdown | 50% | — | Glennmont Partners (Nuveen) |
| 2023-10 | Ocean Wind 1 | cancellation | — | — | written off |
| 2023-10 | Ocean Wind 2 | cancellation | — | — | written off |
| 2023-10 | Greater Changhua 4 | farmdown | 50% | 1,554 | Cathay Life Insurance |
| 2023-07 | London Array | acquisition | 25% | 829 | Schroders Greencoat |
| 2022-03 | Hornsea Two | farmdown | 50% | 3,366 | AXA IM Alts / Credit Agricole Assurances |
| 2021-10 | Borkum Riffgrund 3 | farmdown | 50% | — | Glennmont Partners (Nuveen) |
| 2021-04 | Borssele 1 & 2 | farmdown | 50% | 1,375 | NBIM |
| 2020-12 | Ocean Wind 1 | farmdown | 25% | — | PSEG |
| 2020-12 | Greater Changhua 1 | farmdown | 50% | 2,150 | CDPQ / Cathay PE |
| 2019-02 | South Fork Wind | farmdown | 50% | — | Eversource |
| 2019-02 | Revolution Wind | farmdown | 50% | — | Eversource |
| 2018-09 | Hornsea One | farmdown | 50% | — | GIP |
| 2017-11 | Walney Extension | farmdown | 50% | — | PKA / PFA |
| 2017-08 | Borkum Riffgrund 2 | farmdown | 50% | — | GIP |
| 2016-12 | Race Bank | farmdown | 50% | — | Macquarie (MEIF5 / Macquarie Capital) |
| 2016-02 | Burbo Bank Extension | farmdown | 50% | — | PKA / KIRKBI (LEGO Group) |
| 2015-09 | Gode Wind 1 and 2 | farmdown | 50% | — | GIP |
| 2014-07 | Gode Wind 1 and 2 | farmdown | 50% | — | PKA / Industriens Pension / Laerernes Pension / Laegernes Pensionskasse |
| 2014-03 | Westermost Rough | farmdown | 50% | 286 | Marubeni / Green Investment Group |
| 2014-01 | London Array | farmdown | 25% | 779 | CDPQ |
| 2012-02 | Borkum Riffgrund 1 | farmdown | 50% | — | KIRKBI / William Demant Invest |
| 2011-09 | Gunfleet Sands | farmdown | 49.9% | 230 | Marubeni |
| 2011-03 | Anholt | farmdown | 30% | 483 | PensionDanmark |
| 2011-03 | Anholt | farmdown | 20% | 322 | PKA |
| 2010-12 | Walney 1 & 2 | farmdown | 24.8% | — | PGGM / Ampere Equity Fund |
| 2010-09 | Nysted (Rodsand 1) | farmdown | 50% | 94 | PensionDanmark |
| 2010-09 | Nysted (Rodsand 1) | secondary trade | 7.25% | — | Stadtwerke Lubeck |
| 2009-12 | Walney 1 & 2 | farmdown | 25.1% | — | SSE Renewables |
| 2005-05 | Horns Rev 1 | acquisition | 60% | — | Vattenfall |
Ownership history comes from the transaction database; the portfolio above is the current snapshot only. "Joint" stakes are the consortium total (per-seller split not disclosed) and are excluded from the stake-weighted GW figure.
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