Orsted Backs Renewable Capacity Target and Sets Profitability Goals,
June 08 2023 - 3:40AM
Dow Jones News
By Dominic Chopping
Orsted late Wednesday confirmed its target of around 50
gigawatts of installed renewable capacity by 2030 and said it
expects to invest around 475 billion Danish kroner ($68.22 billion)
between 2023 and 2030.
In a statement ahead of an investor day, the Danish
renewable-energy company said it is targeting group-wide earnings
before interest, tax, depreciation and amortisation excluding new
partnerships of DKK50 billion-DKK55 billion in 2030, corresponding
to a targeted annual average increase of 13%-14%.
Orsted targets an average return on capital employed in the
period 2023-2030 of around 14% and confirmed its dividend policy of
an annual high single-digit percentage increase in dividends until
2025, extending the dividend policy to 2030 with an annual
mid-level single-digit percentage increase in dividends paid from
2026 to 2030.
The company added that it is on track to outperform previous
financial targets of an average return on capital employed of
11%-12% between 2020 and 2027, now expecting around 15%, while
annual Ebitda growth from offshore and onshore assets in operation
of around 12% between 2020 and 2027 is now seen at 15%.
The previously expected gross investment of around DKK350
billion between 2020 and 2027 is trending higher at DKK380 billion,
it added.
In a separate announcement, Orsted said it has launched a
commercial sustainability partnership with Vestas Wind Systems that
will see Orsted procure low-carbon steel wind turbine towers and
blades made from recycled materials from Vestas in all joint
offshore wind projects.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
June 08, 2023 03:25 ET (07:25 GMT)
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