Ørsted acquires Brookfield Renewable Ireland for $684m
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Ørsted acquires Brookfield Renewable Ireland for $684m

10 Jun 2021 (Last Updated June 10th, 2021 12:26)

With the completion of the deal, Ørsted has officially entered the European onshore market.

Danish wind turbine manufacturer Ørsted has acquired Brookfield Renewable’s Ireland and UK onshore wind business operator, Brookfield Renewable Ireland (BRI).

The company agreed to acquire BRI for $684m in April.

Based in Cork, Ireland, BRI develops, owns and operates onshore wind farms. The company currently has 389MW of assets in operation and under construction.

It also owns 149MW of assets, which are currently in the advanced development stage, as well as more than 1GW of development pipeline in Ireland and the UK.

Ørsted onshore business unit CEO Declan Flanagan said: “With this acquisition completed, we have officially entered the European onshore market.

“We welcome a BRI team with strong technical capabilities and a business culture very much complementary to our own, and look forward to growing the portfolio together.”

In a separate development, Ørsted has joined a Norwegian offshore wind consortium with Fred Olsen Renewables and Hafslund Eco. The three companies will compete in Norway’s upcoming tender for offshore wind areas.

The companies will be equal partners in the consortium and develop both bottom-fixed and floating offshore wind power projects in Norway.

The consortium will bid for licences in the Utsira Nord and Sorlige Nordsjo II areas that have been appointed by the Norwegian government.

Ørsted expects that up to 4.5GW would be allocated across the two areas, with the technical potential being much higher.

Ørsted chief commercial officer and deputy group CEO Martin Neubert said: “This partnership is an important step for Ørsted as we expand our footprint in the Nordics.

“At the same time, we have made the strategic choice to drive the commercialisation of floating offshore wind to unlock the massive potential of the technology around the world where Norway can become a key market in Europe.”

Earlier this month, the company announced plans to increase its investment in renewables to DKK350bn ($57bn) by 2027 to realise its full potential as a ‘global green energy major’.