If the project goes ahead, onshore construction is expected to begin in the autumn, with offshore construction planned for next year. Credit: Ørsted.

Danish wind farm developer Ørsted has announced its results for the first quarter of 2023, including an operating profit of $1.02bn (DKr6.9bn), which it stated come from its “wind and solar assets”.

The company’s earnings increased by $3.26bn compared with the same period last year, which was “in line with expectations”.

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Mads Nipper, CEO of Ørsted, said in a statement that the company’s “offshore sites earnings are back on track”. “Furthermore, the construction of our current wind and solar assets is progressing according to plan,” he said.

The company confirmed its full-year guidance given earlier in the year. Ørsted kept its 2023 forecast for EBITDA, excluding new partnerships, at between $2.96bn and $3.41bn.

Nipper said that the company was “pleased with the results”. He also confirmed a final investment decision on the Greater Changhua 2b and 4 offshore wind farms in Taiwan.

The wind farms will have a total capacity of 920MW and are due for completion by the end of 2025. Ørsted signed a corporate power purchase agreement for the project in July 2020 with Taiwan Semiconductor Manufacturing Company.

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Nipper also confirmed progress on the 100MW Salamander floating wind project, a joint venture between Simply Blue Group, Subsea 7 and Ørsted. He said that the project “won a Scottish floating wind lease and is a tangible step to making floating wind a reality”.

The company also acquired the 160MW early-stage Irish solar development project Garreenleen, which brings its total Irish capacity to 576MW.

Ørsted is the largest wind farm developer in the world, having transitioned from being a fossil-powered energy company to renewables, beginning in 2006. The company has a target of an entirely carbon neutral supply chain by 2040.