Orsted, the world’s largest offshore wind farm developer, is ramping up its investment in renewables to $57 billion by 2027, seeking to become a global leader in green energy and fend off growing competition.
The Danish firm, which sold its oil and gas business in 2017, has benefited hugely from policies to implement the 2015 Paris Agreement, a collective shot at limiting global warming.
But competition is heating up as utilities and energy firms, including oil majors such as Total, BP and Shell, accelerate spending on renewables.
Europe’s biggest wind power generator Iberdrola earlier this year pledged to spend 150 billion euros ($182 billion) by 2030 to triple its renewable capacity and double its network assets.
Orsted, which has installed more than a quarter of the world’s offshore wind capacity, said on Wednesday it planned to invest 350 billion Danish crowns ($57 billion) by 2027, up from a previous target of 200 billion crowns by 2025.
[Tim Barsoe and Stine Jacobsen]