September 4, 2018 Read More →

Orsted remains focused on U.S. offshore wind market

The Wall Street Journal:

Danish energy company Ørsted A/S is considering a bid for several U.S. offshore-wind projects and already has the required funding in place, the company’s finance chief said.

“There are a lot of auctions coming up in the U.S.,” said Ørsted Chief Financial Officer Marianne Wiinholt in an interview Friday with CFO Journal. “We feel we are well-positioned.”

The U.S. would be key to Ørsted’s efforts to grow its global footprint. The company has installed about 25% of the installed offshore-wind capacity in the world, according to Marcus Bellander, an analyst at Nordea Bank AB.

Earlier in August, Ørsted made its first major investment in the U.S. when it agreed to buy Lincoln Clean Energy LLC, a Chicago-based onshore wind and solar company, for $580 million.

Bidding for capacity in the U.S. is next on the agenda. Massachusetts, New York and New Jersey each plan to select a bidder for offshore-wind projects in the coming quarters. Connecticut is set to announce the winner of a zero-carbon energy project in the next few months. The company hasn’t made a decision on which U.S. projects it will target. “We are looking into all of them,” Ms. Wiinholt said.

The CFO’s comments come after Ørsted lost out in an auction in Massachusetts in May. It was a major setback in its quest to enter the U.S. market. “This was unexpected,” Mr. Bellander said.

More ($): Denmark’s Ørsted plans to bid on new U.S. offshore-wind projects

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