Ørsted scales up offshore wind ambition as Hornsea sale completes

By Grimsby Telegraph | Posted: 28 Nov 2018

Grimsby’s biggest offshore wind inward investor, Ørsted, has scaled up its ambition for delivery by 2025.

The Danish giant, which has completed the sale of half of Hornsea One this week - generating £4.5 billion to plough into future projects - has raised the target from 12GW to 15GW.

It comes as it wins global consents from the US East Coast to the Far East, with plans in the Humber for Race Bank and Hornsea Three still to be realised.

Chief executive and president, Henrik Poulsen, said: “We expect the global market for renewable energy to more than triple towards 2030. As one of the leading companies within renewable energy, Ørsted has a strong platform to take part in this build-out.

“Today, our portfolio consists of 11.9GW of offshore and onshore wind farms and biomass-fired combined heat and power plants that are either in production, under construction or have been given final investment decision. We also have projects with a capacity of 4.7GW for which we’ve been awarded the concessions to construct, but are yet to make the financial decision. In addition, we have a strong pipeline of projects under development. 

Henrik Poulsen.

“Towards 2030, it’s our strategic ambition to reach an installed capacity of more than 30GW, provided that the build-out creates value for our shareholders. As an important step, we’re raising our 2025 ambition for offshore wind from 11-12GW to 15GW.

“We have a strong growth platform to support our strategic ambition. We want to maintain our position as global market leader in offshore wind and continue our build-out in Europe, North America and Asia. Our second growth platform is our onshore business, consisting of onshore wind, solar energy and energy storage. It’s our ambition to create a leading North American company within renewable energy. In addition, we’ll continue to explore the growth and value creation potential in our bioenergy business and strengthen the route to market for our product portfolio in customer solutions.

MORE: Region refinement for Round Four of UK offshore wind deployment favours the Humber

“Moving towards 2025, we plan to invest DKK 200 billion (£23.7 billion) in green energy, thereby contributing to the transformation of the global energy system and creating value for our shareholders and the communities we are part of.”

Offshore wind is anticipated to make up 75 to 85 per cent of the investment programme. 

As announced in September, a deal was agreed with Global Infrastructure Partners to sell half of Hornsea One.

It will become the world’s largest offshore wind farm when it is commissioned in 2020, and will be operated and maintained from Grimsby’s East Coast Hub. 

In construction now, with turbine installation anticipated early next year, it will have a capacity of 1.2 GW, connecting to the UK grid at North Killingholme. It, along with big sister Hornsea Two at 1.4GW, form huge steps in the path towards Grimsby’s 8GW of installed capacity

MORE: Appetite for offshore wind sector deal clear as hundreds descend on UK supplier event

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