Ørsted will acquire its investment partners’ 49.9% stake in Gunfleet Sands 1 & 2 for approximately GBP 15 million. The purchase will give the company sole ownership of the UK offshore wind farm, where it currently holds 50.1%.

The company has invoked a buyback provision included in the initial partnership agreements. The deal is expected to close in November, provided the usual closing requirements are met. Following completion, Ørsted will own and operate the entire 172 MW development, situated 7 km from the Essex coastline.

Ørsted said the ownership change would give it greater flexibility over site management and decisions about the wind farm’s later operating years. The options under consideration include extending its operating life.

Gunfleet Sands 1 & 2 began generating power in 2010. Its annual electricity production is equivalent to the needs of more than 125,000 UK homes. Ørsted operates 12 offshore wind farms in the UK, together accounting for about 7% of the country’s electricity supply.

The company said it would review comparable buyback provisions and other opportunities individually, taking the characteristics of each asset into account.