Ørsted has completed the acquisition of a 100 % equity interest in Brookfield Renewable’s onshore wind business in Ireland and the UK, Brookfield Renewable Ireland (BRI).
BRI is a developer, owner, and operator of onshore wind farms headquartered in Cork, Ireland. BRI 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. Declan Flanagan, CEO of Ørsted’s Onshore business unit, says:
“With the acquisition completed, we officially enter the European onshore market. We welcome a BRI team with strong technical capabilities and a business culture very complementary to our own and look forward to growing the portfolio together.”
The existing management team will continue to run the business, headed by Kieran White, VP and Managing Director, Ireland and UK Onshore.
“Today’s a truly exciting day for our team. We have a proven track record in developing and building renewable projects of scale in Ireland and the UK. Joining Ørsted, a leader in the global energy transformation to renewables, means we’re competitively positioned to drive value creation and increase renewable capacity in a market set to grow in the coming years.”
The information provided in this announcement doesn’t change Ørsted’s guidance for the financial year 2021. As previously communicated, the expected investment level for 2021 will increase with the purchase price.
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 6,311 people. Ørsted’s shares are listed on Nasdaq Copenhagen (Orsted). In 2020, the group’s revenue was DKK 52.6 billion (EUR 7.1 billion).