Ørsted reveals multi-billion pound Scottish investment plans

Ørsted reveals multi-billion pound Scottish investment plans

Duncan Clark

Offshore wind development firm Ørsted has revealed its intention to invest up to £12 billion directly with Scottish companies on developing and constructing offshore wind farms in the country over the next ten years, with billions more to be spent with Scottish supply chain businesses once these wind farms become operational.

These proposals are contained in bids submitted to Crown Estate Scotland through its ScotWind offshore wind leasing round and would provide more than 8.5GW of clean, renewable electricity if Ørsted’s bids are successful.

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

Martin Neubert, chief commercial officer at Ørsted, said Scotland is a key priority for the company.

“We have recently set out our aspiration to become the world’s leading green energy major by 2030,” he said. “Orsted has the largest development pipeline in the offshore wind industry and it’s our clear ambition to remain the global market leader in offshore wind.”

“We committed to these ambitious plans for the ScotWind leasing round not only because Scotland can play a key role in achieving our aspiration but because we firmly believe our scale and experience in offshore wind puts us in a unique position to help Scotland transition to a low carbon economy as quickly as possible.

“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 region UK for Ørsted, said he is looking forward to bringing to bear Ørsted’s decades of experience to support the growth of the offshore wind industry and its supply chain in Scotland. This includes a commitment to work with Scottish ports and suppliers to develop infrastructure and a supply chain that will enable Scotland to establish itself as a leading player in the global offshore wind market.

He added: “Scotland undoubtedly has some of the best offshore wind resources in the world. The ScotWind 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.

“Ørstedisthe global leader in developing, constructing, and operating offshore wind farms. On the road to becoming the global leader we have gained deep experience in the unique skill-sets required for consenting and constructing offshore wind farms and have a proven track record of delivering on time and on budget. In building and equipping our teams in Scotland, we will use this experience to deliver large-scale projects into operation by 2030 in line with the Scottish Government’s target of 11GW of installed offshore wind by this date.

“Indeed, we’ve already started development works to ensure we hit the ground running - engaging with supply chain companies and with the offshore wind clusters. We’ve been extremely encouraged by the conversations we’ve had to date and see a range of opportunities to build the Scottish supply chain so Scottish businesses benefit from the step-change in offshore wind ambition that ScotWind will deliverand to ensure that Scotland’s offshore wind industry will continue to develop and thrive for decades to come.”

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