Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Denmark
  4. Nasdaq Copenhagen
  5. Orsted A/S
  6. News
  7. Summary
    ORSTED   DK0060094928

ORSTED A/S

(ORSTED)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

ěrsted takes final investment decision on two German offshore wind farms

12/01/2021 | 09:11am EST

Ørsted’s Board of Directors has taken final investment decision (FID) on the two German offshore wind farms Gode Wind 3 (242 MW) and Borkum Riffgrund 3 (900 MW) which are expected to be commissioned in 2024 and 2025, respectively.

Rasmus Errboe, Head of Region Continental Europe at Ørsted, said: “Borkum Riffgrund 3 is a landmark project, and we’re proud that Ørsted is once again leading the way by being the first to take FID on a merchant offshore wind project in Germany. We’ve brought this project forward by signing several large-scale power purchase agreements with leading corporates, bringing in a partner for 50% of the wind farm, and procuring and installing Borkum Riffgrund 3 and Gode Wind 3 as one gigawatt-scale project.”

Jörg Kubitza, Managing Director for Ørsted in Germany, adds: “With the decision to build Gode Wind 3 and Borkum Riffgrund 3, we’ll expand our German portfolio to six offshore wind farms and a total investment volume since 2012 of around 7.5 billion euros. While Borkum Riffgrund 3 will be the biggest wind farm in Germany to date, gigawatt-scale wind farms should be the norm when planning future offshore wind buildout. Large-scale projects will be key to securing the green energy volumes needed to reach climate neutrality in Germany by 2045, an effort for which offshore wind remains the most suitable source of renewable energy.”

Growing demand from corporates for long term power purchase agreements can complement regulatory mechanisms such as contracts for difference, which create long-term price certainty for developers as well as for electricity customers. Both are crucial to meet future green power demand from industry and society.

Ørsted has signed CPPAs on Borkum Riffgrund 3 for a total of 786 MW with Covestro (100 MW), Amazon (350 MW), REWE Group (100 MW), BASF (186 MW), and Google (50 MW) to support the final investment decision by creating a large degree of revenue certainty for Borkum Riffgrund 3.

On 19 October this year, Glennmont Partners became a 50% shareholder of Borkum Riffgrund 3. The agreement with Glennmont was made subject to certain conditions precedent, including Ørsted’s final investment decision. With the final investment decision, project permit, merger clearance, and foreign investment clearance now in place, Ørsted expects to complete the transaction no later than Q1 2022.

Facts about Borkum Riffgrund 3 and Gode Wind 3

  • Borkum Riffgrund 3 and Gode Wind 3 will have export capacities of 900 MW and 242 MW, respectively, and will be located in the German North Sea close to Ørsted's existing offshore wind farms Borkum Riffgrund 1&2 and Gode Wind 1&2.
  • Gode Wind 3 is expected to be commissioned in 2024, and Borkum Riffgrund 3 is expected to be commissioned in 2025.
  • The power from both projects will be generated by Siemens Gamesa offshore wind turbines, each with a capacity of 11 MW and a 200-metre rotor diameter.
  • In the German offshore wind auctions in 2017 and 2018, Ørsted was awarded the right to build five offshore wind projects, today known under the consolidated names Gode Wind 3 and Borkum Riffgrund 3.
  • With bids of EUR 0 per MWh, Borkum Riffgrund 3 was the world's first large-scale offshore wind farm to be awarded with a zero bid. This was made possible by a number of cost drivers, including the installation of next-generation wind turbine technology, very good site conditions and high wind speeds, and anticipated revenue-stabilising CPPA’s with corporates.
  • Gode Wind 3 will receive a weighted average subsidy of EUR 81 per MWh.

The information provided in this announcement does not change Ørsted’s financial outlook for the 2021 financial year or the expected investment level announced for 2021.

For further information, please contact:

Media Relations
Tom Christiansen
+ 45 99 55 60 17
tomlc@orsted.com

Investor Relations
Allan Bødskov Andersen
+ 45 99 55 79 96
IR@orsted.com

Attachments

  • FID German projects.pdf

© Ritzau Denmark, source Ritzau English Regulatory Releases

All news about ORSTED A/S
06:56aShell's renewables boss steps down after less than two years
RE
01/27BP Hires Orsted Executive to Head Offshore-Wind Division, Reuters Reports
DJ
01/27BP Brings In Ørsted Executive As Head Of New Offshore Wind Division
MT
01/27Bp hires orsted executive as it restructures its renewables busi…
RE
01/26Ørsted to present full-year results for 2021 on 2 February
AQ
01/26ORSTED A/S : Ørsted announces latest round of community grants through its Burbo Bank Exte..
PU
01/25Ørsted, Salzgitter Sign Partnership For Low-Carbon Steel Components For Offshore Wind F..
MT
01/25ORSTED : RBC is Neutral
MD
01/25Heading for a circular economy – Salzgitter AG and Ørsted launch strategic partne..
AQ
01/25Maersk to tackle air pollution at ports with ship-charging buoys
RE
More news
Analyst Recommendations on ORSTED A/S
More recommendations
Financials
Sales 2021 58 463 M 8 772 M 8 772 M
Net income 2021 11 558 M 1 734 M 1 734 M
Net Debt 2021 24 919 M 3 739 M 3 739 M
P/E ratio 2021 25,6x
Yield 2021 1,76%
Capitalization 295 B 44 179 M 44 247 M
EV / Sales 2021 5,47x
EV / Sales 2022 5,43x
Nbr of Employees 6 672
Free-Float 44,8%
Chart ORSTED A/S
Duration : Period :
Orsted A/S Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ORSTED A/S
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 24
Last Close Price 701,80 DKK
Average target price 923,36 DKK
Spread / Average Target 31,6%
EPS Revisions
Managers and Directors
Mads Nipper Group President & Chief Executive Officer
Marianne Wiinholt Chief Financial Officer
Thomas Thune Andersen Chairman
Richard Hunter Chief Operating Officer
Lene Skole-S°rensen Deputy Chairman
Sector and Competitors
1st jan.Capi. (M$)
ORSTED A/S-15.97%44 179
NEXTERA ENERGY-22.33%142 275
DUKE ENERGY CORPORATION-1.57%79 435
ENEL S.P.A.-2.75%77 650
SOUTHERN COMPANY-2.27%72 098
IBERDROLA, S.A.-2.07%70 210