Renewable energy group Orsted will invest 475 billion Danish crowns ($68.3 billion) by 2030.
The goal is to achieve its goal of 50 gigawatts (GW) of installed power capacity at the end of the decade, it said late on Wednesday.
The Danish company said the plans were fully self-funded, they also added that it expected to outperform goals set in 2021 for earnings before interest, tax, depreciation, and amortization (EBITDA) and for return on capital employed (ROCE).
“We’re on track to outperform our previous EBITDA and ROCE targets for 2020-2027, confirming the significant value in our portfolio of renewable projects,” Chief Executive Mads Nipper said in a statement.[1]
In terms of gigawatt capacity, Orsted is the world’s top developer of offshore wind farms and now manages 15.5 GW of renewable energy resources.
It stated that 4.9 GW of capacity is now being built, and projects totaling another 10.6 GW have been granted.
The rapidly expanding offshore wind industry has been impacted by cost inflation and rising financing rates despite increased demand for renewable energy.
Orsted stated that it was working closely with suppliers to get competitive prices to provide sufficient value in projects for which it had not yet made final investment decisions (FID).
The share price of the corporation has more than halved since reaching a peak in January 2021.
References
- Solsvik, Terje, et al, ‘Orsted to Invest $68B in Renewable Energy by 2030’, Offshore Engineer Magazine, 8 June 2023, https://www.oedigital.com/news/505680-orsted-to-invest-68b-in-renewable-energy-by-2030[↩]
