Ørsted — M&A Activity 2021

Oct 19, 2021

Ørsted Kraftværksvej 53 Skærbæk DK-7000 Fredericia

www.orsted.com Company registration no. (CVR no.) 36 21 37 28

19 October 2021

who are already partners in Gode Wind 1 and are focusing their entire portfolio on renewable energy infrastructure investments, thereby supporting the urgently needed shift from fossil-based energy sources to energy systems based on renewable energy sources."

Francesco Cacciabue, CFO and Co-founder at Glennmont says: "This is a landmark investment for Glennmont. Since Glennmont's inception over a decade ago we have sought to establish long-term relationships that we can work with on multiple investments for our clients over time, and we're very happy to once again work with Ørsted to invest in the energy transition. Our clients show a strong interest to invest in clean energy as they seek solid returns whilst decarbonising their portfolio of investments. This interest is underpinned by their confidence in our expertise and ability to deliver value."

Biff Ourso, Head of Infrastructure for Nuveen says: "The new investment with Ørsted exemplifies how Glennmont achieves its strong clean energy investment track record and is an important part of why Nuveen acquired Glennmont earlier this year. Nuveen and TIAA have a strong emphasis on responsible investing, and this latest agreement is a tangible step to demonstrate our commitment to decarbonisation."

Glennmont will partially finance the acquisition and ongoing funding of its 50 % share through a financing package that was structured and led by Ørsted, and co-arranged by Glennmont. The long-term senior debt facilities, which include a number of unique features that demonstrate a market-leading approach for merchant-exposed offshore wind financings, will be provided by eight banks: Santander, SEB, Natwest, ING, Bank of China, Helaba, ABN AMRO and Siemens Bank.

The divestment is subject to Ørsted's final investment decision, which is expected by the end of 2021, and to obtaining project permit and merger and foreign investment clearances. Completion of the transaction is expected in Q4 2021 or Q1 2022.

Facts about Borkum Riffgrund 3

• Borkum Riffgrund 3 will have a total export capacity of 900 MW and will be located in the German North Sea close to Ørsted's existing offshore wind farms Borkum Riffgrund 1 and Borkum Riffgrund 2.
• The power from Borkum Riffgrund 3 will be generated by 11 MW, 200 m offshore wind turbines from Siemens Gamesa.
• Commissioning of the wind farm is expected in 2025, subject to Ørsted's final investment decision.
• In the German offshore wind auctions in 2017 and 2018, Ørsted was awarded the right to build three offshore wind projects, today known under the joint name Borkum Riffgrund 3, with bids of EUR 0 per MWh.

This was made possible by a number of cost drivers, including the installation of next-generation wind turbine technology, very good site conditions and high wind speeds, and anticipated revenue-stabilising power purchase agreements with industrial customers.

Ørsted is the leading offshore wind developer in Germany with approx. 1.35 GW in operation (Gode Wind 1&2, Borkum Riffgrund 1&2), and approx. 1,1 GW under construction (Borkum Riffgrund 3 and Gode Wind $3$ ).

The information provided in this announcement does not change Ørsted's financial outlook for the 2021 financial year or the expected investment level announced for 2021.

For further information, please contact:

Media Relations

Michael Korsagard +45 99 55 94 25 mikon@orsted.com

Investor Relations

Allan Bødskov Andersen +45 99 55 79 96 IR@orsted.com

About Ørsted

The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants, and provides energy products to its customers. Ørsted ranks as the world's most sustainable energy company in Corporate Knights' 2021 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader on climate action. Headquartered in Denmark, Ørsted employs 6,472 people. Ørsted's shares are listed on Nasdag Copenhagen (Orsted). In 2020, the group's revenue was DKK 52.6 billion (EUR 7.1 billion). Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and Twitter.

About Glennmont Partners

Glennmont Partners from Nuveen is a leading infrastructure equity firm that has been at the forefront of clean energy investments for over a decade. It is owned by Nuveen, which manages USD 1.3 trillion in assets on behalf of institutions and individuals around the world. Glennmont is one of Europe's largest specialist renewable energy fund managers with approximately EUR 2 billion invested in over 30 clean power projects such

as wind farms, solar photovoltaic and biomass that together produce
more than 1,500MW of energy across the European Union. (www.glennmont.com)