Ørsted, the world’s leading developer of offshore wind energy, has set itself a new, significantly higher target for constructing new offshore windfarms.
In connection with the company’s Capital Markets Day (28 November 2018), Ørsted’s board of directors has approved a new strategic ambition and financial targets.
Ørsted chief executive officer and president Henrik Poulsen said, “We expect the global market for renewable energy to more than triple by 2030. As one of the leading companies in renewable energy, Ørsted has a strong platform to take part in this build-out.
“Today, our portfolio consists of 11.9 GW of offshore and onshore windfarms and biomass-fired combined heat and powerplants that are either in production, under construction or have been given final investment decision (FID).
“We also have projects with a capacity of 4.7 GW for which we’ve been awarded the concessions to construct but are yet to make the FID. In addition, we have a strong pipeline of projects under development.
“By 2030, it’s our strategic ambition to reach an installed capacity of more than 30 GW, provided that the build-out creates value for our shareholders. As an important step, we’re raising our 2025 ambition for offshore wind from 11-12 GW to 15 GW.
“We have a strong growth platform to support our strategic ambition,” said Mr Poulsen. “We want to maintain our position as global market leader in offshore wind and continue our build-out in Europe, North America and Asia.
“Our second growth platform is our onshore business, consisting of onshore wind, solar energy and energy storage. It’s our ambition to create a leading North American company within renewable energy. In addition, we’ll continue to explore the growth and value creation potential in our bioenergy business and strengthen the route to market for our product portfolio in customer solutions.
Mr Poulsen said the company’s strategic ambition for the build-out of renewable energy will be supported by an extensive investment programme. From 2019-2025, it expects total gross investments of approximately Dkr200Bn (US$30Bn).
Investment in offshore windfarms is expected to constitute 75-85% of the investment programme. Onshore investments are expected to constitute 15-20%. Combined investments in bioenergy and customer solutions are expected to constitute 0-5% of the investment programme.