Ørsted completes acquisition of Ireland and UK onshore wind power platform from Brookfield Renewable

Ørsted has completed the acquisition of a 100% equity interest in Brookfield Renewable’s Ireland and UK onshore wind business, Brookfield Renewable Ireland (BRI).

BRI is a developer, owner and operator of onshore wind farms headquartered in Cork, Ireland. BRI has a portfolio of 389 MW in operation and under construction, 149 MW in advanced development, and more than 1 GW of development pipeline in Ireland and the UK.

Declan Flanagan, CEO of Ørsted’s Onshore business unit, says:
“With the acquisition completed, Ørsted officially enters the European onshore market. We welcome a BRI team with strong technical capabilities and a business culture very complementary to our own. We look forward to growing the portfolio together.”

The existing management team will continue to run the business, headed by Kieran White, VP and Managing Director, Ireland and UK Onshore.

Ørsted has acquired the business at a time when Ireland has published its own landmark Climate Action Bill with ambitious statutory targets for 2030 and a commitment to Net Zero no later than 2050. With the completion of this acquisition, Ørsted’s new onshore wind platform will look to support these targets by building out its development pipeline at pace, as well as identifying further opportunities in other renewable asset classes.

Speaking about the completion of the acquisition, Kieran White said.

“Today is a truly exciting day for our team. We have a proven track record in developing and building renewable projects of scale in Ireland and the UK. Joining Ørsted, a leader in the global energy transformation to renewables, enhances our financial and technical strength, enabling us to drive value creation and increase renewable capacity in a market with significant potential to grow in coming years.”

The information provided in this announcement does not change Ørsted’s guidance for the financial year 2021 or the announced expected investment level for 2021.

About Ørsted
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants, and provides energy products to its customers. Ørsted ranks as the world’s most sustainable energy company in Corporate Knights' 2021 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader on climate action. Headquartered in Denmark, Ørsted employs 6,311 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2020, the group's revenue was DKK 52.6 billion (EUR 7.1 billion). Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and Twitter.

Brookfield Renewable
Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Our portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 20,000 megawatts of installed capacity and an approximately 23,000 megawatt development pipeline. Investors can access our portfolio either through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation.
Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with approximately $600 billion of assets under management.

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Joe Heron