Danish power company Ørsted has signed an agreement to acquire Ostwind, a company that develops, owns and operates onshore wind and solar photovoltaic (PV) projects in Germany and France.

Ørsted will purchase a 100% equity interest in OSTWIND Erneuerbare Energien, OSTWINDpark Rotmainquelle, OSTWIND International and OSTWIND Engineering.

The deal gives Ostwind an enterprise valuation of €689m, including financial liabilities of the projects and companies.

Its final value will be subject to customary adjustments.

Ostwind’s portfolio currently includes 152MW in operation and under construction, around 526MW in advanced development and an additional 1GW in its development pipeline.

The company has nine local offices in Germany and France, employing around 115 people in total.

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The acquisition will mark Ørsted’s entry into the growing German and French onshore markets, further bolstering its footprint in Europe.

It will also help the Danish firm meet its goal of installing 17.5GW of onshore capacity worldwide by 2030.

Ørsted Onshore CEO Neil O’Donovan said: “The acquisition of Ostwind is an important step for the strategic expansion of our Onshore business in Europe.

“The company has an impressive proven track record of developing high-quality projects as well as a strong cultural alignment with Ørsted, a talented team, and a local community presence – a rare combination that constitutes a strong platform from which we can create value.

“I expect significant synergies between our onshore and offshore businesses in Germany, both regarding offtake solutions for our customers and combined renewable power capacity for future renewable hydrogen production, and we truly look forward to welcoming the Ostwind team to Ørsted.”

The transaction is expected to close in the second half of this year subject to merger and foreign investment clearances.

Ostwind’s business will be gradually integrated into Ørsted’s Onshore unit.

Earlier this month, Ørsted secured a contract for difference (CfD) for its 2.85GW Hornsea III offshore wind farm in the UK.