Ørsted, a Danish energy company, has signed a memorandum of understanding (MoU) with Acciona’s infrastructure division to assess options for large-scale floating wind foundations. The two will look into the mass production of floating platforms with an emphasis on minimising the floating wind levelised cost of electricity and their environmental footprint.
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Ørsted has agreed to acquire Ostwind, which includes a 100 per cent equity stake in OSTWINDpark Rotmainquelle, OSTWIND International, and OSTWIND Engineering. Ostwind develops, owns, and operates onshore wind and solar projects in Germany and France. OSTWIND Erneuerbare Energien, With the financial obligations of the projects and companies included, the agreement provides Ostwind an enterprise valuation of €689 million.
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A consortium of Ørsted, Falck Renewables, and BlueFloat Energy has been chosen by Crown Estate Scotland to engage in an option agreement for a new floating offshore wind project off Scotland’s north-east coast. This floating wind site with a capacity of up to 1 GW was one of the many awarded as part of the Crown Estate Scotland’s ScotWind offshore wind leasing round. The project will be situated 50 kilometres east of Wick, off the coast of Caithness.
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Johnson & Johnson has signed two power purchase agreements with Ørsted to procure power from Sparta Solar in Texas and Kilgarvan Wind Farm in County Kerry and Booltiagh Wind Farm 1 in County Clare, both in Ireland’s south and west. Sparta Solar’s PPA contains a 55 MW contract capacity from the 250 MW Sparta Solar project in southern Texas.
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The report “From Dong to Orsted: A Leading Utility’s Green Energy Transition – What Indian Firms Can Learn from Such a Transition” by The Institute for Energy Economics and Financial Analysis (IEEFA) charts the transition journey of Orsted. This Danish state-owned utility transitioned from being one of the most coal-intensive utilities in Europe to a global leader in offshore wind energy.
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Orsted and Williams have entered into a partnership to jointly explore the potential to develop Power-to-X projects in the US. To this end, the two companies have signed a memorandum of understanding to leverage each other’s assets and expertise to develop solutions to advance the clean energy economy. The companies will primarily explore the co-development of hydrogen and synthetic natural gas facilities based on renewable energy.
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Orsted and Uniper, a German energy provider, have signed a MoU to jointly develop large-scale offshore wind with hydrogen. This will be accomplished in part by direct integration of hydrogen generation from offshore wind power at the German port of Wilhelmshaven.
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Ørsted has recently notified the company’s new strategic ambition and financial guidance. It has set a target to reach approximately 50 GW of installed capacity by 2030 and plans to invest approximately DKK 350 billion in green energy from 2020 to 2027.
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Germany’s Federal Maritime and Hydrographic Agency (BSH) has given a planning approval to Ørsted for the 242 MW Gode Wind 3 offshore wind farm. With this approval, the project completes all the green lights for beginning its construction phase.
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Ørsted has entered into an agreement with Brookfield Renewable to acquire a 100% equity interest in its existing Ireland and UK onshore wind business, Brookfield Renewable Ireland (BRI). With this transaction, Ørsted will enter the European onshore wind market. The transaction is expected to close by Q2 2021 and BRI’s existing management team will continue to run the business which will be integrated into Ørsted’s Onshore business unit over time.
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PSEG and Ørsted have announced that they have completed PSEG’s acquisition of a 25 per cent equity interest in Ocean Wind. Ocean Wind is a 1,100 MW offshore wind farm located 15 miles off the coast of southern New Jersey.
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The asset management division of Norges Bank, Norway’s central bank has confirmed that it will acquire a 50 per cent stake in the 752 MW Borssele 1 & 2 offshore wind farm located off the coast of the Netherlands developed by Ørsted. Norges Bank Investment Management (NIBM) will acquire the stake for Euro 1.375 billion using no external debt.
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Ørsted has announced plans to develop one of the world’s largest green hydrogen plants, powered by offshore wind, to feed industrial demand in the Netherlands and Belgium. The project, dubbed ‘SeaH2Land’ will be constructed by 2030 and would comprise a 1 GW green hydrogen production facility linked directly to a newly built 2 GW offshore wind farm in the Dutch North Sea.
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Nucor Corporation announced that it has signed a 10-year virtual power purchase agreement for 100 MW of energy from Ørsted’s Western Trail wind farm (WTW) in North Texas. Ørsted’s WTW project is already under construction and is expected to be in service later this year. The project uses Nucor steel and steel products and is designed to continue generating power even during particularly severe weather which is common in the area.
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Ørsted has announced that it has fully commissioned the Borssele 1 and 2 wind farms in the Dutch North Sea. The project is located 22 km off the coast of the Zeeland province and has a total capacity of 752 MW. The wind farm houses 94 wind turbines of 8 MW each which have been supplied by Siemens Gamesa.
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Ørsted has announced its intentions to develop a total of 1.6 GW of offshore wind energy projects off the coast of Incheon City, South Korea. The announcement was made in a meeting with National Assembly members, political figures, and key industry leaders of the country.
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The growing number of national and sub-national governments committing to 100% renewable energy along with promising implementation strategies by utilities shows broad support and momentum for the creation of a system based on renewable energy.
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The tender round will award between 1.2 GW and 2.4 GW of offshore wind projects that will potentially triple New Jersey’s committed capacity from 1.1 GW to 3.5 GW. The state agency anticipates awarding the offshore wind projects in June 2021.
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Shell and Total are betting that expanding their exposure to zero emissions growth sectors in the global energy markets will motivate shareholders to move towards them from ExxonMobil and competitors, but investors may avoid the supermajors altogether unless they demonstrate serious progress towards their stated goals.
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