Orsted commits $68 billion to achieve 50 GW renewables capacity by 2030

Danish renewables energy major Orsted has committed to spending just over $68 billion in setting up 50 GW of renewables capacity by 2030, and said it was on track to exceed certain financial targets it adopted in 2021.

The world's largest offshore wind farm developer by gigawatt capacity, which recently acquired full control of a wind farm development site in Massachusetts for $625 million, said its expansions remained fully self-funded. It added that earnings before interest, depreciation and amortization (EBITDA) would see a 13-14 percent annual increase until 2030 while return on capital employed (ROCE) for the period 2023-2030 would be an average around 14 percent.

The company said it would deliver 98 percent reduction in scope 1 and scope 2 emissions in 2025 (relative to a 2006 baseline) and that it would achieve net-zero across its full value chain by 2040.

At present, Orsted operates 15.5 GW of renewable energy assets, while a further 4.9 GW of capacity is under construction. The company has also announced plans to build one of the largest hydrogen plants in the world.