Orsted to Buy Brookfield Renewable's Ireland and UK Onshore Wind Business
April 16 2021 - 3:36AM
Dow Jones News
By Dominic Chopping
Orsted AS said Friday that it has agreed to buy Brookfield
Renewable Corp.'s Ireland and U.K. onshore wind unit, Brookfield
Renewable Ireland, in a deal that values the business at 571
million euros ($683.6 million).
The Danish renewable-energy developer said it entered the U.S.
onshore market in 2018, and that, based on the success there, it
has been evaluating onshore renewables opportunities in Europe.
"In the U.S., we've built a strong onshore business with 4
gigawatts in operation and under construction," said Orsted Chief
Executive Mads Nipper.
"The European market for onshore wind power is expected to grow
significantly in the coming years, and with the acquisition of BRI,
we get a strong platform that expands our presence in onshore
renewables to Europe, allowing us to continue our successful
expansion of our onshore renewables business," he said.
Brookfield Renewable Ireland is headquartered in Cork, Ireland,
and develops, owns, and operates onshore wind farms. It has a
portfolio of 389 megawatts in operation and under construction, 149
megawatts in advanced development, and over 1 gigawatt of
development pipeline in Ireland and the U.K.
The deal is expected to close by the second quarter of 2021 and
doesn't change Orsted's previous full-year earnings before
interest, tax, depreciation and amortization guidance, but the
expected 2021 investment level will increase by the purchase
price.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
April 16, 2021 03:21 ET (07:21 GMT)
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