REG-Ørsted A/S Ørsted acquires Irish solar project

Oersted A/SAnnouncement

16/03/2023 08:15

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   Ørsted A/S (Orsted)
   Ørsted acquires Irish solar project

   16-March-2023 / 09:05 CET/CEST

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   16.3.2023 09:05:00 CET | Ørsted A/S | Investor News

   Ørsted has acquired the Irish solar project Garrenleen from renewable
   energy developer Terra Solar. The 160 MW solar farm is the company's
   second solar project in Ireland and will be able to power up to 56,000
   homes annually, making it one of the largest solar farms in the country.

   Subject to Ørsted’s final investment decision, phase 1 (81 MW) will be
   delivered in 2025, with phase 2 (79 MW) expected to be completed in 2026.
   Located 15 km outside the town of Carlow in the south-east of Ireland, the
   project will contribute to Ørsted’s global goal of reaching 17.5 GW of
   onshore capacity by 2030. Ranked as one of the world’s most sustainable
   energy companies, Ørsted employs 100 people in its Irish headquarters in
   Cork City.  
    
   Solar energy is crucial to diversifying and balancing our energy
   generation and reducing reliance on fossil fuels. Irish government targets
   for 2030 have recently been revised upwards, with the solar target
   increasing to 8 GW. With the EU calling for all member states to reduce
   gas demand, security of supply is an ongoing issue.
    
   TJ Hunter, Senior Director for Onshore Ireland & UK in Ørsted, said:
   “Ørsted is committed to multi-technology deployment, investing in a
   variety of renewable energy sources to ensure reliability and independence
   of supply. Once completed, the two phases for this solar project will have
   a combined capacity of 160 MW, making it one of the most significant solar
   farms in the country.”  

   He continues: “It’s critical, however, that government targets are
   supported by robust investments in grid infrastructure capacity,
   predictable grid connection timelines, planning timelines, and market
   structures that can deliver. The industry is primed to invest and deliver
   energy resilience at pace, and it’s essential that the infrastructure and
   processes are there to support it, or we’re racing towards a roadblock.” 
    
   The acquisition of Garreenleen brings further momentum to Ørsted’s
   investments in renewables in Ireland and follows the announcement of
   Ørsted’s first solar farm in Ireland at Ballinrea near Carrigaline in
   Cork. Due to be operational in 2025, Ballinrea Solar Farm will power up to
   16,000 homes. Ørsted already operates 360 MW of onshore wind in Ireland,
   producing enough green electricity to power 230,000 homes. 

   For further information, please contact:

   Media Relations
   Tom Christiansen
   +45 99 55 60 17
    1 tomlc@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. Ørsted is recognised on the CDP Climate
   Change A List as a global leader on climate action and was the first
   energy company in the world to have its science-based net-zero emissions
   target validated by the Science Based Targets initiative (SBTi).
   Headquartered in Denmark, Ørsted employs approx. 8,000 people. Ørsted's
   shares are listed on Nasdaq Copenhagen (Orsted). In 2022, the group's
   revenue was DKK 132.3 billion (EUR 17.8 billion).

       Attachments

     •  3 Garreenleen ENG.pdf

   News Source: Ritzau

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          DK0060094928
   Category Code: MSCM
   TIDM:          Orsted
   Sequence No.:  230188
   EQS News ID:   1583809


    
   End of Announcement EQS News Service

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References

   Visible links
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