Ørsted announces €47 billion renewable energy investment drive to 2027

Ørsted has revealed a new goal to reach an installed renewable energy capacity of 50GW by 2030, as the Danish energy giant seeks to become the world’s leading clean energy player by the end of the decade.

Approximately €47 billion will be set aside between 2020 to 2027 to support the firm’s ambitious build-out, with 80% of this investment to be within offshore wind and 20% within onshore.

Offshore wind will account for 30GW of Ørsted’s clean energy capacity in 2030, while a further 17.5GW will be from onshore wind and solar PV. Other sources, including sustainable biomass, renewable hydrogen and green fuels, will provide 2.5GW.

“Our aspiration is to become the world’s leading green energy major by 2030,” said Ørsted’s group president Mads Nipper.

“With the offshore wind industry’s largest concrete development pipeline, our global development organisation, and our industry-leading commitment to innovation, it’s our clear aspiration to remain the global market leader in offshore wind.

“In onshore wind and solar PV, with our proven track record in scaling and delivering attractive value and as a top five developer in the US, it’s our aspiration to become one of the world’s top 10 players in onshore renewables,” he continued.

“In renewable hydrogen and green fuels, we’ve built a strong platform with industry-leading offtakers, and we intend to grow this platform to become a global leader in renewable hydrogen.”

In the 2020-2027 period, Ørsted expects a growth in EBITDA from offshore and onshore assets in operation of 12% a year on average.