Today, Ørsted has entered into an agreement with Brookfield 
Renewable, a global owner and operator of renewable power assets, to 
acquire a 100 % equity interest in its existing Ireland and UK onshore 
wind business, Brookfield Renewable Ireland (BRI). The agreement is 
based on an enterprise valuation of BRI of EUR 571 million as of 31 
December 2020. The final price will be subject to customary adjustments. 
   With the acquisition of BRI, Ørsted enters the European onshore 
market. BRI, headquartered in Cork, Ireland, is a developer, owner, and 
operator of onshore wind farms. BRI has an attractive portfolio of 389 
MW in operation and under construction, 149 MW advanced development, and 
more than 1 GW of development pipeline in Ireland and the UK. 
   Ørsted entered the onshore renewables business in 2018 with an 
initial focus on the US. Today, Ørsted's onshore business has 
reached a meaningful scale with an operating and in construction 
portfolio of 4 GW of wind and solar and a strong pipeline of further 
projects in development. The growth over the past year ranks the 
business among the five largest US constructors in terms of onshore 
capacity additions since 2017. 
   Building on the success of the US business, Ørsted has been 
evaluating opportunities to enter the onshore renewables business in 
   Mads Nipper, Group President and CEO of Ørsted, says: 
   "In the US, we've built a strong onshore business with 4 GW in operation 
and under construction. The European market for onshore wind power is 
expected to grow significantly in the coming years, and with the 
acquisition of BRI, we get a strong platform that expands our presence 
in onshore renewables to Europe, allowing us to continue our successful 
expansion of our onshore renewables business." 
   Declan Flanagan, CEO of Ørsted's Onshore business unit, says: 
   "We're excited to acquire BRI, which has a strong strategic and 
operational fit to Ørsted combined with what we believe to be very 
complementary business cultures. We've learned that, like Ørsted, 
the BRI team is ambitious, prioritise safety and quality, and strive to 
be a good neighbour in the communities they operate in. 
   The Irish and UK onshore markets offer attractive fundamentals, projects 
at scale, and value creation through a mix of development projects and 
repowering opportunities. Furthermore, we can leverage the BRI team's 
market-leading offtake capabilities within trading and corporate PPAs 
with direct synergies to Ørsted's existing efforts in the UK." 
   BRI's existing management team will continue to run the business which 
will be integrated into Ørsted's Onshore business unit over time. 
   The transaction is expected to close by Q2 2021. 
   The information provided in this announcement does not change 
Ørsted's previous EBITDA guidance for the financial year 2021. 
Subject to closing of the transaction, the expected investment level for 
2021 will increase with the purchase price. 
   Investor call 
   An investor call for investors and analysts will be held on Friday, 16 
April 2021 at 13:30 CEST. 
   Denmark: +45 7815 0108 
   United Kingdom: +44 3333 009 265 
   United States: +1 8332 498 405 
   Ireland: +35 312 232 016 
   The investor call can be followed live at: 
   About BRI 
   -- BRI is a developer, owner, and operator of onshore wind farms in Ireland 
      and Scotland. 
   -- BRI has a total team of 73 professionals between a head office in Cork, 
      Ireland, and an office in Edinburgh, Scotland. 
   -- BRI owns a portfolio of 389 MW, in operation and under construction, and 
      149 MW advanced development pipeline. 
   -- BRI also owns more than 1 GW development pipeline in Ireland and the UK. 
   About Ørsted 
   The Ørsted vision is a world that runs entirely on green energy. 
Ørsted develops, constructs, and operates offshore and onshore wind 
farms, solar farms, energy storage facilities, and bioenergy plants, and 
provides energy products to its customers. Ørsted ranks as the 
world's most sustainable energy company in Corporate Knights' 2021 index 
of the Global 100 most sustainable corporations in the world and is 
recognised on the CDP Climate Change A List as a global leader on 
climate action. Headquartered in Denmark, Ørsted employs 6,179 
people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). 
In 2020, the group's revenue was DKK 52.6 billion (EUR 7.1 billion). 
Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and 
   For further information, please contact: 
   Ørsted Group Media Relations 
   Carsten Birkeland Kjær 
   + 45 99 55 77 65 
   Ørsted Investor Relations 
   Allan Bødskov Andersen 
   + 45 99 55 79 96 
   -- Ørsted acquires Ireland and UK onshore wind power platform from 
      Brookfield Renewable 

(END) Dow Jones Newswires

April 16, 2021 02:57 ET (06:57 GMT)

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