Ørsted has partnered with Danish institutional investor ATP to submit a bid in the upcoming tender for the North Sea energy island.
Located 80km from the coast of Denmark in the North Sea, the 120,000m² artificial energy island will serve as a transmission centre for multiple offshore wind farms.
Once completed, the island is expected to store and supply energy to power almost three million European households.
It will also deliver green hydrogen for the shipping, aviation, industrial and heavy transport sectors.
The project is expected to support green transitions in Denmark and more widely in Europe, and to create thousands of jobs in Denmark.
Ørsted CEO Mads Nipper said: “The North Sea energy island will be absolutely key to the continued build-out of offshore wind in the Danish North Sea.
“For the past 30 years, Ørsted has been the frontrunner in offshore wind development, making the technology a cornerstone of an economically sustainable green transformation in Denmark and globally.
“By partnering with ATP to submit a bid for the energy island, we’re combining our world-leading offshore wind expertise with ATP’s unique track record as one of Europe’s largest institutional investors.
“We look forward to working with ATP and doing our part to realise this groundbreaking infrastructure project with the best technological solutions, and at the lowest cost and risk to Danish society.”
ATP CEO Bo Foged said: “The North Sea energy island is a very interesting investment case for ATP, because it can contribute to good and stable pensions and develop Danish industrial positions of strength while also being a decisive lever for Denmark’s green transition.
“The investment is not without risk, for which our members must be compensated, but Ørsted and ATP make a strong partnership, with the right complementary capabilities to deliver on this task.
“I’m also pleased that in this partnership, we can ensure that the returns from the project will benefit all Danes through ATP.”
Ørsted and ATP will focus on the optimal integration of Power-to-X with the energy island and the future energy infrastructure in the North Sea.
Located off the coast of southern New Jersey, the 1,100MW wind farm will have the capacity to generate enough green energy to power half a million homes in the state.