Page 40: of Marine News Magazine (August 2020)

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one hundred

From Oil to

Offshore Wind,

Credit: Equinor

Follow the Leaders

By Barry Parker

Ørsted

At a time that “demand

The Europeans have led the offshore wind charge, with the

Danish project developer Ørsted bringing experience back to destruction” impacts the early 1990s, long before “green energy” was on the radar. have rippled throughout

Headquartered in Denmark, its footprint extends across con- tinents. Its ? nancial pro? le shows its overall heft, with its Q1 all parts of the energy 2020 EBITDA (a measure of cash ? ow) at DK 6.8 billion (equivalent to slightly above US$1 billion), of which wind- business, offshore wind farms, both onshore and offshore, made up DK 6.5 billion. capacity continues to

The consultants McKinsey, in an article on the company, wrote, “Ørsted invested aggressively in offshore wind and grow. In the U.S., as phased out coal. By 2019, it had become the world’s largest states mandate clean producer of offshore-wind energy. The company also raised its renewable-generation share to 86%—hitting its [power gen- energy targets for the eration from renewables] target 21 years ahead of schedule.”

By early 2020, it controlled 6.8 gW of installed offshore coming years, the sector wind capacity. This includes its project Hornsea One (in will play a key role.

the North Sea, owned jointly with Copenhagen Infrastruc-

August 2020 40 MN