Denmark's Orsted, which is the world's largest offshore wind developer, announced Tuesday that it is planning to sell its power distribution and residential customer businesses to focus further on renewable energy.
Orsted said that, although the power distribution and residential customer businesses were 'well-run' and had a 'high level of customer satisfaction,' they did not support the company's long-term international growth in renewables.
'With continued significant investments in green energy in the coming years, the strategic and financial importance of the Danish power distribution and residential customer businesses will be further reduced in the coming years, compared to Orsted's rapidly growing international business in green energy,' it said.
Orsted has appointed Danske Bank as adviser in the process.
The board of directors is expected, on the basis of support from the shareholders, to make a decision about a potential divestment of these businesses, before the end of the first half of 2019.
Last year, Orsted signed an agreement to divest its upstream oil and gas business to Switzerland-based petrochemical firm Ineos.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr