By Dominic Chopping 

Orsted AS said Friday that it has agreed to buy Brookfield Renewable Corp.'s Ireland and U.K. onshore wind unit, Brookfield Renewable Ireland, in a deal that values the business at 571 million euros ($683.6 million).

The Danish renewable-energy developer said it entered the U.S. onshore market in 2018, and that, based on the success there, it has been evaluating onshore renewables opportunities in Europe.

"In the U.S., we've built a strong onshore business with 4 gigawatts in operation and under construction," said Orsted Chief Executive Mads Nipper.

"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," he said.

Brookfield Renewable Ireland is headquartered in Cork, Ireland, and develops, owns, and operates onshore wind farms. It has a portfolio of 389 megawatts in operation and under construction, 149 megawatts in advanced development, and over 1 gigawatt of development pipeline in Ireland and the U.K.

The deal is expected to close by the second quarter of 2021 and doesn't change Orsted's previous full-year earnings before interest, tax, depreciation and amortization guidance, but the expected 2021 investment level will increase by the purchase price.


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(END) Dow Jones Newswires

April 16, 2021 03:21 ET (07:21 GMT)

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