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Ørsted hails "strong start to the year"

4C Offshore | James Bernthal-Hooker
By: James Bernthal-Hooker 03/05/2023 Ørsted
Danish developer Ørsted has released its interim report for the first quarter of 2023. It reports a “strong start to the year” and indicates all-time-high earnings from offshore sites plus the final investment decision on two offshore wind farms in Taiwan.

Ørsted’s EBITDA matched expectations reaching DKK 6.9 billion. Its wind and solar assets in operation generated DKK 6.9 billion in earnings, indicating a DKK 2.2 billion increase from the same period in the previous year. Net profit amounted to DKK 3.2 billion, with a 14% return on capital employed (ROCE).

“We're pleased with the Q1 2023 results where our offshore sites earnings are back on track as the key EBITDA driver”, said Mads Nipper, Group President and CEO of Ørsted.

The Taiwanese wind farms Greater Changhua 2b and 4, on which Ørsted took FID in March, total 920 MW in capacity. They are located 35-60 km from the Changhua Coast and grid connection was awarded some five years ago.

“We expect to start onshore construction this year with commissioning by the end of 2025”, Nipper commented. “Greater Changhua 2b and 4 have a robust business case, which will create long-term value for Ørsted.”

This year, Ørsted will also see the 900 MW Greater Changhua 1 and 2a projects, co-owned with CDPQ and Cathay PE, commissioned in the same area.

Ørsted will maintain its EBITDA guidance of DKK 20-23 billion, excluding earnings from new partnerships this year, and its gross investment guidance will remain at DKK 50-54 billion.

For more information on offshore wind farms worldwide, click here.


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