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World’s Top Offshore Wind Firm To Triple Capacity With $57 Billion Investment

Danish renewables company Ørsted, the biggest developer of offshore wind farms in the world, plans to invest the equivalent of over US$57 billion by 2027 as part of a new strategy to become a global green energy major.

Ørsted, which currently has 12 gigawatts (GW) of installed renewable capacity around the world, plans to nearly triple that capacity to 50 GW by 2030, the company said on its Capital Markets Day on Wednesday.

In order to support this build-out of renewable energy capacity, Ørsted plans to invest around US$57.46 billion (350 billion Danish crowns) in green energy from 2020 to 2027.

The 50-GW target of installed renewable capacity by 2030 will consist of around 30 GW of offshore wind, 17.5 GW of onshore wind and solar photovoltaics (PV), and around 2.5 GW from other renewables, including sustainable biomass, renewable hydrogen, and green fuels.

Ørsted expects an average return on capital employed (ROCE) for 2020-2027 at 11-12 percent.

To address the enormous waste from wind energy turbine components, Ørsted announced today, with immediate effect, a ban on the landfilling of wind turbine blades.

“Going forward, Ørsted commits to either reusing, recycling, or recovering 100 % of all blades coming from repowering or end-of-design-life decommissioning of our onshore and offshore wind farms,” the company said in a statement.

“Our aspiration is to become the world’s leading green energy major by 2030,” said Mads Nipper, Group President and CEO of Ørsted.

The company plans to remain a global leader in offshore wind and become a top-five developer of onshore wind and solar PV in the United States and a top-ten such developer in the world, as well as a global leader in renewable hydrogen.

With the multi-billion investment, Ørsted joins some of Europe’s biggest utilities such as Spain’s Iberdrola and Italy’s Enel, which have recently pledged US$183 billion and US$195 billion in investments to significantly boost their renewable installed capacity by 2030. 

By Tsvetana Paraskova for Oilprice.com

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