Connor Teskey, chief executive officer of Brookfield Renewable and president of Brookfield Asset Management, said: "We are pleased to be partnering with Orsted to invest in four high-quality assets that are critical to supplying the U.K. with renewable power and supporting the country's decarbonization objectives. This is Brookfield's first investment in U.K. offshore wind, which will continue to be a critical part of the energy mix and to support the growing demand we see for clean energy."
The agreement includes a call option, providing Orsted with the opportunity, but no obligation, to repurchase the assets from Brookfield between two and seven years from the closing of the transaction at a preagreed price.