REG-Ørsted A/S Ørsted acquires German and French onshore wind platform Ostwind

Oersted A/SAnnouncement

22/07/2022 16:30

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   Ørsted A/S (Orsted)
   Ørsted acquires German and French onshore wind platform Ostwind

   22-Jul-2022 / 17:20 CET/CEST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   22.7.2022 17:19:54 CEST | Ørsted A/S | Inside information

   Today, Ørsted has entered into an agreement with Ostwind, a German
   developer, owner, and operator of onshore wind and solar PV projects in
   Germany and France, to acquire a 100 % equity interest in OSTWIND
   Erneuerbare Energien GmbH, OSTWINDpark Rotmainquelle GmbH & Co. KG,
   OSTWIND International S.A.S., and OSTWIND Engineering S.A.S. from OSTWIND
   AG, a holding company located in Regensburg, Germany.

   The agreement is based on an enterprise valuation of Ostwind of EUR 689
   million. This includes financial liabilities of the projects and
   companies. The final price will be subject to customary adjustments.

   The acquisition of Ostwind constitutes Ørsted’s entry into the sizeable
   and growing German and French onshore markets and substantially expands
   Ørsted’s onshore footprint in Europe. Together with the acquisition of
   Brookfield Renewable’s Ireland and UK onshore wind platform in 2021, and
   the recent entry into the Spanish onshore market, Ørsted’s onshore
   renewables platform now covers the US market and four of the largest
   growth markets in Europe at scale.

   Ostwind, headquartered in Regensburg, Germany, and Strasbourg, France,
   develops, constructs, and manages onshore wind and solar PV projects. The
   company has been active in onshore wind development for over 20 years,
   with a track record of more than 1 GW of energised projects across the two
   countries. Today, Ostwind has an attractive portfolio of 152 MW in
   operation and under construction, approximately 526 MW in advanced
   development, and approximately a further 1 GW in its development pipeline.
   The company is led by an experienced, fully-integrated team of 115 people
   spread over nine local offices in Germany and France.

   The transaction is in line with Ørsted’s strategy to further expand its
   European footprint. Since entering the onshore renewables industry in
   2018, Ørsted has grown its Onshore business significantly. With a current
   portfolio of 4.8 GW of onshore wind and solar PV projects in operation and
   under construction across the US and Europe, not counting the Ostwind
   portfolio, Ørsted is on track to meet its goal of reaching 17.5 GW onshore
   capacity globally by 2030.

   Neil O’Donovan, CEO of Ørsted Onshore, says:

   “The acquisition of Ostwind is an important step for the strategic
   expansion of our Onshore business in Europe. The company has an impressive
   proven track record of developing high-quality projects as well as a
   strong cultural alignment with Ørsted, a talented team, and a local
   community presence – a rare combination that constitutes a strong platform
   from which we can create value. I’m truly excited about Ostwind becoming
   part of Ørsted and for our entrance into two important markets, one of
   which is already key for our offshore business. I expect significant
   synergies between our onshore and offshore businesses in Germany, both
   regarding offtake solutions for our customers and combined renewable power
   capacity for future renewable hydrogen production, and we truly look
   forward to welcoming the Ostwind team to Ørsted.”

   Fabien Kayser, CEO of Ostwind AG, says:

   “The entire energy industry is facing a paradigm shift. Renewable
   generation is no longer a niche, but with a large social consensus the
   only future of energy supply. This presents major opportunities for
   developers of renewable energy, where we will not only have to think even
   bigger but also on the energy system as a whole. The development of a wind
   or PV project will have to be expanded in the future to include storage
   and sales of power and other initiatives related to sector coupling. To
   fully realise these endless opportunities of the future renewable energy
   system, we’re very happy that we have succeeded in finding a large and
   very experienced partner in Ørsted, who is pursuing the goal of 100%
   renewable energies with great professionalism! I would especially like to
   thank our employees in Germany and France, most of whom have been with us
   for many years, without whom Ostwind would not have become what it is
   today.”

   Ostwind’s existing management team will continue to run the business,
   which will be integrated into Ørsted’s Onshore business unit over time.

   Subject to merger and foreign investment clearances, the transaction is
   expected to close in H2 2022.  

   The information provided in this announcement does not change Ørsted’s
   previous EBITDA guidance for the financial year 2022. Subject to closing
   of the transaction, the expected investment level for 2022 will increase
   with the purchase price.

   About Ostwind 

     • Ostwind is a developer, owner, and operator of onshore wind and solar
       farms in Germany and France. The company has been active in onshore
       wind development for over 20 years, with a track record of more than 1
       GW of energised projects across the two countries. 
     • Ostwind has an attractive portfolio of 152 MW in operation and under
       construction, approximately 526 MW in advanced development, and a
       development pipeline of approximately 1 GW, 88 MW of which is solar
       PV.  
     • Ostwind has a total team of approximately 115 professionals between
       nine offices in Germany and France.

   For further information, please contact:

   Media Relations
   Michael Korsgaard
   +45 99 55 94 25
    1 mikon@orsted.com

   Investor Relations
   Rasmus Keglberg Hærvig
   +45 99 55 90 95
    2 ir@orsted.com  

   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, renewable hydrogen and green fuels
   facilities, and bioenergy plants. Moreover, Ørsted provides energy
   products to its customers. Ørsted is the only energy company in the world
   with a science-based net-zero emissions target as validated by the Science
   Based Targets initiative (SBTi), and Ørsted aims to deliver a net-positive
   biodiversity impact from all new renewable energy projects it commissions
   from 2030 at the latest. Ørsted ranks as the world’s most sustainable
   energy company in Corporate Knights' 2022 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 7,016 people. Ørsted's shares are listed on Nasdaq
   Copenhagen (Orsted). In 2021, the group's revenue was DKK 77.7 billion
   (EUR 10.4 billion). Visit  3 orsted.com or follow us on Facebook,
   LinkedIn, Instagram, and Twitter.

    

       Attachments

     •  4 EN_Ørsted acquires German and French onshore wind platform
       Ostwind.pdf

   News Source: Ritzau

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   ISIN:          DK0060094928
   Category Code: MSCM
   TIDM:          Orsted
   Sequence No.:  176719
   EQS News ID:   1404439


    
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