Orsted has signed a deal to sell half of the 900MW Borkum Riffgrund 3 project in the German North Sea to Glennmont Partners, a unit of global asset manager Nuveen, that will minimise the Danish utility’s merchant risk.

The transaction value is expected to amount to about DKr9bn ($1.4bn), which comprises the price for the acquisition of a 50% ownership share and the commitment to fund half of the payments under the EPC contract for the entire wind farm.