Danish giant Orsted agreed a deal to buy Germany-based wind and solar developer Ostwind as it continued to build its presence in onshore renewables.

The agreement is based on an enterprise valuation of €689m ($704m) for privately-owned Ostwind, including financial liabilities, said Orsted, which revealed in June that it was in late-stage negotiations for the business.

Ostwind is active in Germany and France, has 152MW in operation and under construction, about 526MW in advanced development and another 1GW in its pipeline, said Orsted.