Orsted U.S. Onshore Wind Portfolio Partnership

Orsted U.S. Onshore Wind Portfolio Partnership is a special purpose vehicle formed in March 2024 through a transaction between global clean energy developer Orsted and alternative investment firm Stonepeak. Stonepeak acquired an equity ownership stake valued at approximately $300 million in a portfolio of four operational U.S. onshore wind farms with a total capacity of 957 MW. The portfolio includes Ford Ridge Wind in Illinois, Helena Wind and Western Trail Wind in Texas, and Sunflower Wind in Kansas, spanning three grid markets: ERCOT, MISO, and Southwest Power Pool. Stonepeak receives 80 percent of the cash distributions from the projects, while Orsted retains operational control and manages the assets. The transaction also generated approximately $700 million in tax equity proceeds, bringing total proceeds to approximately $1 billion. All four farms are operational with power purchase agreements in place.