Orsted is exploring the sale of its US onshore renewable energy assets as the Danish company pivots toward its core European offshore wind business, Bloomberg reported on Friday, citing industry sources.
The renewable-energy firm is working with advisers on a potential divestment that includes onshore wind, solar, and battery storage projects. The assets could be valued at more than $1 billion.
However, discussions are in their early stages, and there is no certainty that a deal will be reached. The move follows a series of setbacks for Orsted in the US, where aggressive expansion plans over the past decade led to project cancellations and significant losses.
has reached out to Orsted for comment.
The Danish firm has since shifted its focus back to European offshore wind, a market it considers its primary strength.
Orsted's restructuring efforts have included strategic partnerships to bolster its balance sheet. Last year, the energy firm secured a $6.5 billion investment from Apollo Global Management for its Hornsea 3 offshore wind project in the UK.
The company also reached an agreement in February to sell a portion of its European onshore business to Copenhagen Infrastructure Partners for 1.4 billion euros ($1.7 billion).
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)