Ørsted to enter European onshore wind market

Ørsted to enter European onshore wind market

20 Apr 2021

Danish power company Ørsted has agreed with Brookfield Renewable to acquire its Ireland and UK onshore wind business Brookfield Renewable Ireland (BRI).

Under the terms of the agreement, the company will acquire BRI for a total consideration of €571m, based on an enterprise valuation as of 31 December 2020, subject to adjustments.

BRI is a developer, owner, and operator of onshore wind farms with a portfolio of 389MW in operation and under construction, 149MW in advanced development, and over 1GW of development pipeline in Ireland and the UK.

The acquisition, which is planned to close by the second quarter of 2021, is anticipated to enable Ørsted to enter into the European onshore market.

On closing, the existing BRI management team will continue the business, which will be integrated into Ørsted’s Onshore business unit.

After foraying into onshore renewables business in 2018, Ørsted currently has an operating and in construction portfolio of 4GW of wind and solar and a few projects in pipeline.

In March Ørsted announced the start of the full-scale offshore construction activities at the 900MW Greater Changhua 1 and 2a offshore wind farms in Taiwan.

For more information please visit EICDataStream.

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