Ørsted sells stake in four UK offshore wind farms to Brookfield

rsted (CPH: ORSTED) has entered into a partnership agreement with Brookfield (NYSE: BAM, TSX: BAM), its institutional partner and publicly traded affiliate Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC). will acquire a 12.45% minority stake in four of the UK's currently operating offshore wind farms (Hornsea 1, Hornsea 2, Walney Extension and Burbo Bank Extension), with a total capacity of approximately 3.5GW.

The transaction value is GBP 1.745 billion (about DKK 15.7 billion). Brookfield is pursuing the transaction through Brookfield Infrastructure Fund V, the world's largest closed-end infrastructure fund. The transaction is expected to close by the end of 2024, subject to customary regulatory approvals.

This transaction ensures that rsted maintains a high level of value within the transaction while making significant progress on its farmdown program announced as part of its business plan update in February. For Brookfield, this investment provides the opportunity to invest in an expanded and fully operational offshore wind portfolio in partnership with rsted, the world's largest and leading offshore wind company. This is another step in Brookfields’ expansion into the offshore wind sector. It is a mature technology with a generation profile that complements solar PV and onshore wind.

RSTED will retain 37.55% ownership of the four assets and will continue to exercise a similar level of control and governance as before the transaction. Additionally, RSTED will continue to oversee the operation and maintenance of the wind farm under the current service agreement. All four assets operate fully under long-term inflation-linked Contracts for Difference (CfD).

Mads Nipper, Group President and CEO of rsted, said: We welcome Brookfield, a leading renewable energy investor with proven investment and operational expertise, as a partner on four UK offshore wind farms in one of rsted's key strategic markets. I'm happy to do it. Today's transaction is a significant milestone in our farmdown program, which is part of our business plan to support significant reinvestment in new assets.

Connor Teskey, CEO of Brookfield Renewable and President of Brookfield Asset Management, said: We are working with rsted to invest in four high-quality assets that are critical to delivering renewable electricity to the UK and supporting the country's decarbonization goals. I'm glad it happened. This is Brookfield’s first investment in UK offshore wind. It will continue to be an important part of the energy mix and support the growing demand for clean energy.

The agreement includes a call option that provides the first opportunity, but no obligation, to repurchase Brookfield's assets at a pre-agreed price between two and seven years after closing.

As the UK's leading offshore wind developer, rsted currently operates more than 5GW of offshore wind capacity and has a further 5GW under construction or development, including the CfD-secured Hornsea 3 and Hornsea 4 projects. Globally, rsted has installed 15.4 GW of renewable energy across offshore wind, onshore wind, solar PV and battery storage, with a further 7.7 GW under construction.

About rsted rsted's vision is a world powered entirely by green energy. rsted develops, builds and operates offshore and onshore wind farms, solar power plants, energy storage facilities, renewable hydrogen and green fuel facilities, and bioenergy plants. RSTED is recognized as a global leader on climate action on the CDP Climate Change A List and is the first energy company in the world to have a science-based net zero emissions target verified by the Science-Based Targets Initiative (SBTi). Based in Denmark, rsted employs around 20 people. 8,400 people. rsted's shares are listed on Nasdaq Copenhagen (Orsted). Group revenue in 2023 was DKK 79.3 billion (EUR 10.6 billion). Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and

About Brookfield Asset ManagementBrookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with approximately $1 trillion in assets under management. We invest customer capital for the long term, focusing on real assets and essential service businesses that form the basis of the global economy. We offer a variety of alternative investment products to investors around the world, including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private equity investors.

Brookfield operates Brookfield Renewable Partners (NYSE: BEP, TSX: BEP), one of the world's largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio totals more than 34,000 megawatts and our development pipeline is approximately 200,000 megawatts. Our portfolio of sustainable solutions assets includes investments in Westinghouse (the world's leading nuclear services company) and utilities and independent power producers operating in the Caribbean and Latin America, as well as operating assets and a development pipeline of carbon capture and storage. It works. capacity, renewable natural gas for agriculture and material recycling.

Contact information:

first

Global Media RelationsTom Christiansen+45 99 55 60 [email protected]

Investor RelationsRasmus Keglberg Hrvig+45 99 55 90 [email protected]

Brookfield

Media: Simon Maine Executive Director Communications+44 (0)7398 909 [email protected]

Investors: Alex Jackson Vice President, Investor Relations (416)[email protected]

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