Orsted Plans $57.5 Billion Investments to Become Green Energy Major

By Dominic Chopping

Danish renewable energy developer Orsted A/S said Wednesday that it plans to invest around 350 billion Danish kroner ($57.5 billion) between 2020 and 2027 to become a green energy major.

The company said the investments will help accelerate its build-out of renewable energy, taking advantage of the global green energy transition, and will see its installed capacity more than quadruple to around 50 gigawatts of installed renewable capacity by 2030 from 12 gigawatts presently.

Orsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, bioenergy plants, and provides energy products to its customers. With the newly announced investments, it seeks to grow its position within offshore and onshore wind, solar and sustainable biomass, while growing capabilities to become a leader in renewable hydrogen.

"Our aspiration is to become the world's leading green energy major by 2030," Orsted Chief Executive Mads Nipper said in a statement ahead of the company's capital markets day.

Between 2020 and 2027, Orsted said it expects growth in operating profit from offshore and onshore assets in operation of around 12% a year on average, reaching a level of DKK35 billion-DKK40 billion in 2027.

The company's dividend policy, to increase the annual dividend by a high single-digit percentage until 2025, remains unchanged, it added.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

06-02-21 0807ET