January 31, 2020 Read More →

Global growth pushes profits at offshore wind major Ørsted, beyond forecasts

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Profits at Ørsted rose last year as the Danish offshore wind champion ramped up new wind farms both on land as well as at sea.

“2019 was a great year for Ørsted with continued strategic progress and global expansion. We achieved a very satisfactory operating profit (Ebitda), and the green share of our heat and power generation increased to a new high of 86%,” chief executive Henrik Poulsen said.

The company’s earnings before interest, taxes, depreciation and amortisation (Ebitda) – excluding new partnerships – rose 17% to DKr17.5bn ($2.58bn) last year when compared to 2018, exceeding the most recent guidance of DKr16-17bn. Ebitda just in onshore and offshore wind jumped by 30% to DKr14.8bn in 2019.

Last year was a breakthrough overseas for the Danish company.

“We reached significant milestones by winning two large-scale offshore projects in the US. We were awarded 1,100MW with our Ocean Wind project in New Jersey and 880MW with our Sunrise Wind project in New York. With these awards, we have secured a US offshore wind portfolio with a total capacity of 2.9GW to be completed towards 2024,” Poulsen stressed.

Ørsted in 2019 also commissioned Hornsea 1, the world’s largest offshore wind farm, with a capacity of 1.2GW, and decided to build the 900MW Greater Changhua 1&2a array off Taiwan.

[Bernd Radowitz]

More: Ørsted 2019 profit beats forecasts as global growth soars

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