Ørsted–Stonepeak Wind Portfolio Transaction
In March 2024, Ørsted entered into a $300 million agreement with Stonepeak to divest an equity stake in a 957 MW portfolio of U.S. onshore wind farms. This portfolio includes four operational wind farms across Illinois, Texas, and Kansas, all with power purchase agreements in place. Under the terms of the transaction, Ørsted will continue to operate the assets, while Stonepeak will receive 80% of the cash distributions associated with the projects.
Deal Overview
Transaction Details
- Transaction Value: $300 million
- Portfolio Size: 957 MW
- Asset Type: Onshore wind farms
- Geographic Spread: Illinois, Texas, and Kansas
- Operating Status: All assets operational with power purchase agreements in place
Transaction Structure
- Ørsted retains operational control of the assets
- Stonepeak receives 80% of cash distributions
- Long-term partnership model for asset management
My Role: Lead Project Manager
As the Lead Project Manager, I was responsible for orchestrating the comprehensive technical due diligence process.
Key Responsibilities
Scope Coordination
- Managed a diverse team of subject matter experts
- Oversaw environmental and permitting assessments
- Coordinated civil, electrical, and turbine technical disciplines
- Ensured comprehensive coverage of all technical aspects
Timeline Management
- Navigated shifting project timelines
- Ensured deliverables met evolving transaction needs
- Maintained project momentum through changing requirements
- Delivered results within tight deadlines
Stakeholder Communication
- Served as primary liaison between internal teams and external stakeholders
- Facilitated clear and consistent communication
- Managed expectations across all project phases
- Ensured alignment between technical and business objectives
Post-Transaction Support
- Addressed buyer inquiries and concerns
- Ensured smooth transition post-transaction
- Provided ongoing technical support
- Maintained client relationships beyond deal closure
Key Achievements
Technical Excellence
- Integrated Multidisciplinary Insights: Successfully synthesized complex technical information from various disciplines into cohesive reports
- Comprehensive Analysis: Delivered thorough technical due diligence that informed investment decisions
- Quality Assurance: Maintained high standards across all technical assessments
Project Management
- Adaptability: Demonstrated flexibility in response to changing project parameters
- Problem Solving: Addressed challenges with innovative solutions
- Timeline Management: Delivered results within evolving deadlines
Client Relations
- Client Satisfaction: Maintained high level of trust through proactive communication
- Reliable Delivery: Consistently met project milestones
- Long-term Partnership: Established foundation for future collaboration
Lessons Learned
- Multidisciplinary Coordination: Success in complex transactions requires seamless integration of diverse technical expertise
- Adaptive Planning: Flexibility in project management is crucial for handling evolving requirements
- Communication Excellence: Clear and consistent communication is key to managing stakeholder expectations
- Post-Transaction Value: Ongoing support is essential for successful deal implementation
Looking Forward
This transaction demonstrates:
- The growing importance of wind energy in the U.S. market
- The value of strategic partnerships in renewable energy
- The need for comprehensive technical due diligence in energy transactions
- The importance of flexible project management in dynamic deal environments