Finance

Ørsted reveals planned £12 billion investment in to Scottish renewables



Denmark’s largest energy company has revealed its intention to invest up to £12bn directly with Scottish companies on developing and constructing offshore wind farms during the next decade.

However, the proposals are contingent on its success across bids submitted to the Crown Estate Scotland through its ScotWind offshore wind leasing round.

The company has entered bids for five projects: two floating wind-only bids as part of its joint venture partnership with BlueFloat Energy and Falck Renewables, alongside three which include a mix of fixed and floating wind technologies.

Ørsted already has 27 operational wind farms across Europe, the US and Asia Pacific, totalling 7.6 GW installed and 2.3GW currently in construction.

It plans to develop renewable hydrogen projects in Scotland using some of the electricity from the proposed offshore wind farms.

Martin Neubert, chief commercial officer at Ørsted, said: “By Incorporating large-scale offshore wind generation alongside renewable hydrogen and green fuels to decarbonise hard-to abate sectors in heavy industry and transport, we will create a truly integrated decarbonisation solution delivering low-cost, renewable power.

“We believe our bids represent a significant contribution to achieving Scotland’s ambitious climate change targets and will underpin the country’s renewable energy economy for generations.”

Duncan Clark, head of UK for Ørsted, added: “TheScotWind leasing round is a pivotal moment for the development of the offshore wind sector in Scotland, capitalising on its superb offshore wind potential and world-leading offshore engineering and contracting capabilities, unlocking investment that will create jobs and opportunities for Scottish businesses for generations.”

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