Ørsted makes European onshore wind return with Brookfield deal
The Danish developer has agreed to acquire 100% of Brookfield Renewable s UK and Irish onshore wind portfolio
by Craig Richard
Ørsted CEO Mads Nipper expects the European onshore wind market to grow significantly in the coming years
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Danish wind company Orsted has entered into an agreement with Brookfield Renewable to acquire a 100 per cent equity interest in its existing Ireland and UK onshore wind business for â¬571 million.
The global owner and operator of renewable assets said the acquisition of Brookfield Renewable Ireland (BRI) was based on an enterprise valuation of â¬571 million as of December 31st. The final price will be subject to customary adjustments.
The acquisition marks Orstedâs entry into the European onshore market. BRI, headquartered in Co Cork, is a developer, owner, and operator of onshore wind farms.
It has a portfolio of 389 MW in operation and under construction, 149 MW in advanced development, and more than 1 GW of development pipeline in Ireland and the UK.
City A.M.
Danish energy giant Ørsted has today made its first foray into the European onshore wind market with the acquisition of Brookfield Renewable Ireland (BRI).
The Irish firm, which has a portfolio of 389 megawatts of capacity either fully developed or under construction, is valued at €571m (£497.5m).
It also has a further 1 gigawatt of generation capacity under development across the UK and Ireland.
Up to this point Ørsted, one of the world’s leading offshore wind firms, has concentrated its onshore operations in the US.
With 4 gigawatts of capacity currently under development across the Atlantic, the firm has now turned its attention back to its home markets.
Ørsted enters European onshore market with purchase of €570m Brookfield
Orsted, already a big player in the US onshore market, is now targeting similar opportunities in Europe. (Getty Images)
Danish energy giant Ørsted has today made its first foray into the European onshore wind market with the acquisition of Brookfield Renewable Ireland (BRI).
The Irish firm, which has a portfolio of 389 megawatts of capacity either fully developed or under construction, is valued at €571m (£497.5m).
It also has a further 1 gigawatt of generation capacity under development across the UK and Ireland.
Up to this point Ørsted, one of the world’s leading offshore wind firms, has concentrated its onshore operations in the US.