Renewable energy group Ørsted has agreed a deal to buy Brookfield Renewable's Ireland and UK onshore wind business, valued at €571m.

The transaction, the final price of which is subject to adjustment, is expected to close in the second quarter of this year.

Brookfield Renewable is headquartered in Cork and is a developer, owner, and operator of onshore wind farms.

It has a portfolio of 389 MW in operation and under construction, 149 MW advanced development, and more than 1 GW of development pipeline in Ireland and the UK.

Brookfield's existing management team will continue to run the business which will be integrated into Ørsted's Onshore business unit over time.

Mads Nipper, Group President and CEO of Ørsted, said the company has built a strong onshore business in the US with 4 GW in operation and under construction.

"The European market for onshore wind power is expected to grow significantly in the coming years, and with the acquisition of BRI, we get a strong platform that expands our presence in onshore renewables to Europe, allowing us to continue our successful expansion of our onshore renewables business," Mr Nipper said.

Declan Flanagan, CEO of Ørsted's Onshore business unit, said that the Irish and UK onshore markets offer attractive fundamentals, projects at scale, and value creation through a mix of development projects and repowering opportunities.

McCann FitzGerald advised Brookfield on today's deal.