Ørsted acquires Brookfield Renewable Ireland
The acquisition will allow the wind turbine giant to enter the European onshore market
Renewable energy company Ørsted has agreed to buy Brookfield Renewable Ireland (BRI), valued at €571 million (£497m).
The move will allow Ørsted to enter the European onshore wind market.
Headquartered in Cork, Ireland, BRI has a portfolio of 389MW in operation and under construction, 149MW advanced development and more than 1GW of development pipeline in Ireland and the UK.
Mads Nipper, Group President and Chief Executive Officer of Ørsted said: “The European market for onshore wind power is expected to grow significantly in the coming years and with the acquisition of BRI, we get a strong platform that expands our presence in onshore renewables to Europe.”
UK/Ireland: Ørsted acquires Ireland and UK onshore wind power platform from Brookfield Renewable
16 Apr 2021
Ørsted has entered into an agreement with Brookfield Renewable, a global owner and operator of renewable power assets, to acquire a 100 % equity interest in its existing Ireland and UK onshore wind business,
Brookfield Renewable Ireland (BRI). The agreement is based on an enterprise valuation of BRI of EUR 571 million as of 31 December 2020. The final price will be subject to customary adjustments.
With the acquisition of BRI, Ørsted enters the European onshore market. BRI, headquartered in Cork, Ireland, is a developer, owner, and operator of onshore wind farms. BRI has an attractive portfolio of 389 MW in operation and under construction, 149 MW advanced development, and more than 1 GW of development pipeline in Ireland and the UK.
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Today, Ørsted has entered into an agreement with Brookfield Renewable, a global owner and operator of renewable power assets, to acquire a 100 % equity interest in its existing Ireland and UK onshore wind business, Brookfield Renewable Ireland (BRI). The agreement is based on an enterprise valuation of BRI of EUR 571 million as of 31 December 2020. The final price will be subject to customary adjustments.
With the acquisition of BRI, Ørsted enters the European onshore market. BRI, headquartered in Cork, Ireland, is a developer, owner, and operator of onshore wind farms. BRI has an attractive portfolio of 389 MW in operation and under construction, 149 MW advanced development, and more than 1 GW of development pipeline in Ireland and the UK.
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Brookfield Renewable Ireland, headquartered in Cork, has 389 MW of wind capacity in operation and under construction, 149 MW in advanced development and more than 1 GW of development pipeline in Ireland and the UK. The Irish and UK onshore markets offer attractive fundamentals, projects at scale, and value creation through a mix of development projects and repowering opportunities, said Declan Flanagan, CEO of Ørsted s onshore business unit.
The transaction is expected to close by Q2 2021. BRI s management team would continue to run the business, which would be integrated with Ørsted s over time.