The offshore wind farm Rødsand II, south of Lolland, has been given a significantly lower value in the accounts.
The company operating the 90-turbine wind farm ended 2025 with a loss of DKK 328.6 million. The result was mainly weighed down by an impairment charge of DKK 319 million, and management describes the company’s development and result for the year as unsatisfactory.
The impairment should be seen against the backdrop of a tougher market for renewable energy. The wind farm is owned by the Andel Group and the RWE Group, and Andel says Rødsand II forms part of a broader downward adjustment of the group’s renewable energy generation assets. Changed market conditions have weakened expectations for future returns and earnings, particularly in solar and wind energy. In 2025, this led to impairments totalling DKK 1.15 billion on Andel’s renewable energy assets.
Several factors at play
For the offshore wind farm off Lolland, the lower valuation is based on an overall assessment of expected future cash flows. According to Andel, the impairment cannot therefore be attributed to one single factor.
Operations were also weaker than expected. The wind farm produced 640 GWh in 2025, and the annual report states that electricity production ended 127 GWh below expectations. The company points to lower wind resources, curtailment and availability challenges related to partial outages at the offshore transformer station. Andel highlights less wind than in previous years, as well as repair and maintenance work, as the main explanation for the lower production.
The annual report therefore brings together several pressures in the same year. The value of the asset was written down at a time of lower earnings expectations for renewable energy, while actual output from the turbines also fell short of assumptions.
Rødsand II has a total capacity of 215 MW, and its concession runs until 2035. Revenue was DKK 325.3 million in 2025, while gross profit came in at DKK 74.4 million. That shows that operations still made a positive contribution before depreciation and impairments, but the write-down of the asset pushed the annual result deep into the red.
The development is also visible on the balance sheet. The company’s assets fell to DKK 1.46 billion from DKK 2.36 billion a year earlier, while equity was reduced to DKK 554.6 million from DKK 1.1 billion.
Ownership structure simplified
The ownership structure was also simplified after the financial year. The company was previously owned through Sweden’s Rodsand 2 Offshore Wind Farm AB, but in May the structure was changed so that Andel Holding A/S and RWE Renewables Denmark A/S are now registered as direct owners. According to Andel, this is an administrative simplification, and the underlying ownership arrangements remain unchanged. RWE is responsible for operating and maintaining the wind farm.
After the weak 2025 result, the company expects more stable conditions in 2026. The budget points to EBITDA of DKK 104 million, while price expectations are generally assessed to be in line with 2025.
