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    ORSTED   DK0060094928

ORSTED A/S

(ORSTED)
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195;rsted A/S ěrsted And Enefit Form Partnership To Deliver Large-scale Offshore Wind In The Baltics

04/26/2021 | 02:19am EDT
TIDMORSTED 
 
 
   Ørsted, the global leader in offshore wind, and Enefit, a leading 
utility and the largest wind energy company in the Baltics, have today 
signed a memorandum of understanding (MoU) which outlines a vision for 
becoming the leading offshore wind developer in the Baltic countries. 
The MoU also sets out a vision to jointly move towards delivering the 
first offshore wind farm in the Gulf of Riga in the Baltic Sea, before 
2030. 
 
   In September 2020, the Latvian and Estonian governments signed a 
memorandum of understanding for a joint offshore wind farm, and, subject 
to a supportive regulatory framework for offshore wind being in place, 
it's Ørsted and Enefit's ambition to deliver this before 2030. 
 
 
 
   Offshore wind offers a clear green path forward for the decarbonisation 
of the Baltic countries and will be able to deliver large-scale, 
zero-carbon electricity before 2030. Drawing upon Ørsted's proven 
track record within offshore wind, and Enefit's strong local presence, 
the partnership is strongly committed to supporting the governments 
across the Baltic countries in realising their plans for reducing carbon 
emissions. 
 
   As part of the MoU, Ørsted and Enefit intend to establish a joint 
venture for the development of offshore wind opportunities in the Baltic 
countries, including the Liivi offshore wind project in the Estonian 
part of the Gulf of Riga. 
 
   Furthermore, Ørsted has submitted an application for an area in 
Latvian waters next to the Liivi site. Through these sites, the 
partnership aims to pursue a cross-border hybrid solution, which will 
connect an offshore wind farm to both Latvia and Estonia and enable the 
utilisation of the offshore wind transmission cables as an 
interconnector between the two countries. 
 
   Rasmus Errboe, Head of Region Continental Europe at Ørsted, says: 
 
   "We are very excited about teaming up with Enefit, with the goal of 
developing offshore wind opportunities in the Baltic countries. With the 
right regulatory framework in place, offshore wind can deliver 
large-scale green energy in Estonia and Latvia before 2030. The sheer 
size of offshore wind farms makes them ideal for cross-border hybrid 
solutions, and we commend the Estonian and Latvian governments for their 
leadership in advancing regional corporation on large-scale renewable 
energy production. The Baltic Sea area is becoming a centre for offshore 
wind build-out which will contribute significantly to the 
decarbonisation efforts of both the region and the European economy. The 
Baltic countries can to a large extend be powered by renewable energy 
from offshore wind, and we look forward to team up with Enefit to 
realise this potential." 
 
   According to Hando Sutter, Chairman of the Management Board of Enefit, 
the strategic goal of Enefit is to increase renewable energy production. 
 
 
   "Our renewable energy company, Enefit Green, is already the leader of 
onshore wind in the region and now also aims to take the lead in 
offshore wind. We have been preparing an offshore wind farm in the Gulf 
of Riga for more than 10 years, which has given us a good knowledge of 
the local offshore wind conditions and makes this collaboration well 
positioned to deliver on the ambitious 2030 targets for Estonia and the 
Baltic countries. Together with the world's leading developer of 
offshore wind farms, Ørsted, we now take an important step towards 
our vision of delivering offshore wind energy in the Baltic countries 
before 2030. It is essential that offshore wind will be developed in an 
environmentally friendly way that involves local communities so that 
they can benefit from the wind farm. The construction of offshore wind 
farms, like the Liivi or North Western Estonia (Hiiumaa) project, could 
create the conditions for the emergence of a new industry with 
professional competences and highly qualified long-term jobs in the 
fields of energy, transport, and logistics. During the construction of 
an offshore wind farm of this size, thousands of jobs will be created, 
including in Estonia and Latvia," Sutter said. 
 
   Offshore wind offers a clear green path forward when Estonia and Latvia 
desynchronise from the Russian grid, and Estonia looks to phase out 
shale oil as part of its decarbonisation efforts. Offshore wind is the 
most viable option for large-scale renewable energy to deliver high 
security of supply for the two countries. 
 
   In addition to the cooperation within Estonian and Latvian governments 
developing offshore wind, the EU's offshore renewable energy strategy 
proposes to increase Europe's offshore wind generation capacity from the 
current 12 GW to at least 60 GW by 2030 and to 300 GW by 2050. The 
Baltic Sea can make a significant contribution to this target with a 
potential above 90 GW. In 2020, the EU member states around the Baltic 
Sea signed the Baltic Sea Offshore Wind Declaration to accelerate the 
build-out of offshore wind in the Baltic Sea to reach both national and 
international climate targets. 
 
   For further information, please contact: 
 
   Ørsted Media Relations: 
 
   Michael Korsgaard 
 
   +45 99 55 94 25 
 
   https://www.globenewswire.com/Tracker?data=Csaejkv07KwlnCmk4v6Db-iSYnK5pcGe0FBfmCZyJTNTaytwJvgOapneSU16d6syrgZKc8197OaJ8KAMhq08KA== 
mikon@orsted.dk 
 
   Enefit Media Relations 
 
   Priit Luts 
 
   +372 52 33 014 
 
   https://www.globenewswire.com/Tracker?data=6z-QZn67TtJhbTPaanneQR4uUy71jQFB95YR5po-Bf-VieCnRNElfUgt8t-1tYOkwUC_EKJY-xP32xcQJZyYoPsNYmwkdrbch0bkyVW3YRQ= 
priit.luts@energia.ee 
 
   About Ørsted: 
 
   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 6,179 
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). 
Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and 
Twitter. 
 
   About Enefit: 
 
   Enefit's ambition is to help customers plan and implement the green 
transition by offering a convenient and sustainable full range of energy 
solutions. The company is the leading producer of wind energy in the 
Baltic states and one of the few liquid fuel producers in Europe. Enefit 
employs 4,555 people. The Group's revenue in 2020 was 834 million euros. 
 
   Attachment 
 
 
   -- EN_Orsted_Enefit_Partnership 
      https://ml-eu.globenewswire.com/Resource/Download/33cd5ab8-d776-45c8-8f26-f37f482fc4f1 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

04-26-21 0218ET

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DJ INDUSTRIAL 1.06% 34382.13 Delayed Quote.11.16%
FACEBOOK INC 3.50% 315.94 Delayed Quote.15.66%
LONDON BRENT OIL -0.39% 68.61 Delayed Quote.29.59%
NASDAQ COMP. 2.32% 13429.978403 Delayed Quote.4.20%
ORSTED A/S 1.00% 848 Delayed Quote.-31.81%
WTI -0.38% 65.285 Delayed Quote.32.44%
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Financials
Sales 2021 57 986 M 9 472 M 9 472 M
Net income 2021 11 843 M 1 935 M 1 935 M
Net Debt 2021 22 721 M 3 712 M 3 712 M
P/E ratio 2021 29,9x
Yield 2021 1,47%
Capitalization 356 B 58 127 M 58 189 M
EV / Sales 2021 6,54x
EV / Sales 2022 6,56x
Nbr of Employees 6 311
Free-Float 44,8%
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Mean consensus HOLD
Number of Analysts 26
Average target price 1 055,20 DKK
Last Close Price 848,00 DKK
Spread / Highest target 100%
Spread / Average Target 24,4%
Spread / Lowest Target -35,1%
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Managers and Directors
NameTitle
Mads Nipper Group President & Chief Executive Officer
Marianne Wiinholt Chief Financial Officer
Thomas Thune Andersen Chairman
Lene Skole-S°rensen Deputy Chairman
Lynda Anne Armstrong Independent Director
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