Orsted to invest $68 bln by 2030 in renewable energy

Posted By: ndeeney

OSLO, June 8 (Reuters) – Renewable energy group Orsted said late on Wednesday it will invest 475 billion Danish crowns ($68.3 billion) by 2030 to achieve its goal of having 50 gigawatt (GW) of installed power capacity at the end of the decade.

The Danish company said the plans were “fully self-funded” and that it expected to outperform goals set in 2021 for earnings before interest, tax, depreciation and amortization (EBITDA) as well as for return on capital employed (ROCE).

“We’re on track to outperform our previous EBITDA and ROCE targets for 2020-2027, confirming the significant value in our portfolio of renewable projects,” Chief Executive Mads Nipper said in a statement.

Orsted, the world’s No. 1 offshore wind farm developer, currently operates 15.5 GW of renewable energy assets, while capacity of 4.9 GW is under construction and projects representing another 10.6 GW has been awarded, it said. ($1 = 6.9523 Danish crowns) (Reporting by Terje Solsvik, editing by Essi Lehto)

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