RWE, Apollo Set Up Joint Venture to Channel $3.7B Investment in German TSO
RWE has struck a long-term partnership with Apollo Global Management to secure funding for its 25.1% stake in Amprion, one of Germany’s four transmission system operators, as the country gears up for a decade of record grid investments.Under the agreement, Apollo will provide $3.74 billion (€3.2 billion) in equity to a newly formed joint venture with RWE. The vehicle will hold RWE’s 25.1% stake in Amprion and finance its share of the grid operator’s expansion program.Amprion runs the transmission network across seven federal states, serving around 29 million people in Germany’s industrial heartland.
Orsted Gets Go-Ahead for $9.4B Emergency Rights Issue
Offshore wind developer Orsted won shareholder approval on Friday for a $9.4 billion emergency rights issue to help fund U.S. projects thrown into uncertainty by President Donald Trump's opposition to the renewable energy source.The stakes are high for the Danish state-controlled firm, which was once celebrated as a trailblazer in offshore wind but is now struggling to stave off a potentially crippling credit rating downgrade.Orsted, previously an oil producer under the name DONG Energy, transformed itself into a global renewables leader…
Orsted Shares Drop as US Halts Offshore Rhode Island Wind Farm
Shares in Orsted plunged 17% on Monday after the U.S. halted the Danish company's Revolution Wind project off Rhode Island amid President Donald Trump's pushback on renewable energy investments.Orsted, the world's biggest offshore wind farm developer, has already faced mounting challenges, including rising costs, higher interest rates, and supply chain disruptions, leading to delays and cancellations in the U.S. and other markets. The company's market value has plummeted 87% since its January 2021 peak.The U.S.
Siemens Gamesa Lines Up 63-Turbine Order for German Offshore Wind Farm
Skyborn Renewables has confirmed the execution of the Turbine Supply Agreement (TSA) and the Offshore Long Term Program Service Agreement (LTPSA) with Siemens Gamesa for the provision of 63 SG 14-23 wind turbines and their long term service for the Gennaker offshore wind farm in Germany.Both agreements are based on the Master Supply Agreement signed by Skyborn and Siemens Gamesa in June 2024. The agreements are conditional and subject to conditions precedent, including a notice to proceed from Skyborn.With a capacity of up to 976.5 MW…
Federal Uncertainty Shuts Down NY Offshore Wind Transmission Plan
The New York State Public Service Commission has terminated its offshore wind transmission planning process due to stalled federal permitting, to protect state ratepayers from premature infrastructure costs, it said on Thursday.This halts the Public Policy Transmission Need (PPTN) process of seeking proposals to deliver up to 8 gigawatts of offshore wind power into New York City by 2033.The commission cited recent federal actions halting new offshore wind leasing and permitting, which it said make short-term project execution unfeasible."Given the uncertainty coming out of Washington…
Orsted Favors Increasing Investments in Taiwan, South Korea
Orsted, the world's biggest offshore wind developer, will increase investment in Taiwan and South Korea where it has already been awarded projects, instead of expanding to new markets in Asia, a senior company official told Reuters on Monday.Rising costs, supply chain disruptions and loss of investor confidence in offshore wind have resulted in the Danish company losing around 80% of its market value from its 2021 peak."I think our main focus is now to double down on the key markets that we have chosen to win in…
Orsted Shares Rise After Equinor Wind Project Gets Green Light
Shares of offshore wind developer Orsted rose 15% on Tuesday after the U.S. administration revoked an order to halt work on a project by peer Equinor, easing concerns over the Danish company's U.S. projects under development.Late on Monday Equinor said the Trump administration had lifted a month-old stop-work order on its Empire Wind offshore wind project in New York, offering a reprieve for the Norwegian company and U.S. offshore wind in general.The share price of Equinor, which is mostly reliant on oil and gas, was up 1.5% by 0948 GMT, while Orsted's shares were up 15.1%.
EDP Renovaveis Expects Core Recurring Profit in 2025
EDP Renovaveis, the world's fourth largest wind energy producer, said on Thursday it expects core recurring profit to grow 13% in 2025 on the back of a solid operational performance, despite a 24% drop in net income in the first quarter.The renewables arm of Portugal's EDP said earlier that its first-quarter net profit fell to 52 million euros ($59 million), despite a solid revenue increase. That was slightly below the 54.8 million euro average forecast by analysts polled by LSEG.EDPR said it booked…
Dutch Firms Cement Offshore Wind Collaboration
Offshore engineering specialist Enersea and EPCI management expert IX Renewables have signed a memorandum of understanding (MoU) to enhance collaboration in the offshore wind sector.IX Renewables specializes in EPCI management, offering technical, commercial, and legal expertise for offshore wind developments. Enersea brings deep technical knowledge in offshore wind engineering, ensuring optimal designs and feasibility for renewable energy projects.This partnership will improve client services by combining IX Renewables’ management capabilities with Enersea’s engineering excellence…
UK Invests $71M in Scottish Port Expansion for Floating Wind
Britain will invest 55.7 million pounds ($71.45 million) in the Port of Cromarty Firth in Scotland to expand the facility to become a hub for floating offshore wind, the government said on Wednesday.Britain has a target to largely decarbonize its electricity sector by 2030 which will require a huge ramp up in renewable power like offshore wind.Using floating turbines, that are not fixed to the seabed like traditional wind farms, allows the projects to be much deeper out at sea, making them less visible to communities that might object and where wind speeds are likely to be stronger.Currently technology costs for float
Denmark Issues Offshore Wind Permit
The Danish Energy Agency has granted a construction permit for 240-megawatt (MW) Jammerland Bugt offshore wind farm, which is expected to start operating in 2029, developer European Energy said on Tuesday.The project is located in the Bay of Jammerland, on the western side of the island of Zealand.The offshore wind farm is expected to produce power equating the electricity consumption of around 240,000 European households per year, the developer said.The company did not provide any details on the cost of the project…
Iberdrola Gets Portugese Nod for Wind Farm Start
Iberdrola has received a production license from the Portuguese Directorate-General for Energy and Geology of Portugal (DGEG), taking another step towards the construction of the largest wind farm in Portugal.Located in the districts of Vila Real and Braga, in northern Portugal, with a total investment of around €350 million, this project reinforces Iberdrola's commitment to environmental goals, being the first to combine wind and hydro energy. This implies sharing of the connection point and the evacuation line of electricity produced…
Winds of Change Blew Through Offshore Wind, and Denmark Missed It
Analysts said that the failure of Denmark to receive any bids for an offshore wind energy tender this week is due to a rigid auction system, a failure adapt to a changing economic reality and increased competition.It was a major blow for Denmark, the home of turbine manufacturer Vestas, and offshore developer Orsted. Both companies have been pioneers in both onshore and offshore wind power.The Danish North Sea tender, for a minimum of 3GW of capacity, did not offer any subsidies. Instead, it invited competition for payments to be made over 30 years by the state.
Macquarie-backed Offshore Sind Developer Corio Cuts Jobs
Corio Generation, the UK-based offshore wind developer backed by Australia's Macquarie Group, plans to cut a small number of jobs roles, a company spokesperson told Reuters.Ballooning costs due to technical and supply chain problems and high interest rates has had many offshore wind sector companies review investments or undertake restructurings."As with many companies in the offshore wind sector, we are making some organizational changes to ensure Corio remains efficient and focused on the delivery of our projects in our key markets," the spokesperson added.The job cuts were first reported by Bloomberg News, citing a
No Subsidies, No Bids: Denmark Largest Offshore Wind Tender Falls Flat
In the wake of Donald Trump's election as U.S. President, all eyes have been trained on the U.S. Offshore Wind market and future, with his promise to stifle the U.S. Offshore Wind market in favor of oil and gas. But a recent lackluster performance from a leading Scandinavian country suggests the slow down in offshore wind energy projects may be spreading.Denmark's latest offshore wind farm tender in the North Sea has failed to attract any bids, authorities said on Thursday, in a further setback for the industry.After a year of challenges…
Ørsted to Shed Part of its UK Wind Farm Stake - Bloomberg News
Bloomberg News reported Monday that Denmark's Ørsted had begun selling a stake in the largest wind farm planned for the United Kingdom coast. The report was based on people familiar with this matter. Reports added that the Danish utility is looking to sell around 50% of the Hornsea 3 Project, but did not specify the price at which it would like to do so.Ørsted's spokesperson confirmed that in February, the company said it had planned to sell its Hornsea III stake by 2025. In October, Brookfield purchased a minority stake in four of the company's British offshore wind farms that are currently operational for 1…
Change of Ørsted Region Americas CEO
Ørsted announced today that David Hardy, Group EVP and CEO Americas, has decided to leave the company to join GE Vernova as Chief Commercial Officer, Wind. He will step down from his position effective November 30.The search for a successor Region Americas CEO is well underway. In the interim period, Ørsted's Chief Commercial Officer and Deputy CEO, Rasmus Errboe, will guide and support the experienced senior leadership team in the U.S. market.Mads Nipper, Group CEO, says, “I want to thank David for his five years with Ørsted.
Orsted says US Green Energy Demand Will Grow Regardless of Election Results
Orsted said that the demand for green power will continue to grow in the United States, regardless of the person who is elected as president. However, the group also pointed out construction issues and increased costs at an offshore wind farm in the United States.The U.S. offshore industry is a young one, and it has already been affected by cancelled projects. Lease sales have also been put on hold. And there was a serious construction accident that occurred at the first major offshore project in the country.As part of the administration of President Joe Biden…
US Offshore Wind Execs Fret Possible Trump Victory
The U.S. Offshore Wind Developers put on a brave front at a conference in Washington this week. They praised their ability to work together with leaders of both political parties. However, attendees privately worried that things might get tough for them if Republican Donald Trump wins the 2024 presidential election.Former President and Republican nominee, Donald Trump, has promised to cancel offshore wind projects on his first day of office if he wins the White House. He claims that windmills are…
Svendborg Brakes' Yaw Brake Solution Transforms Wind Turbine Maintenance
When damaged yaw brake discs were preventing numerous wind turbines from operating in optimum conditions, their operator was looking for an economical maintenance service that would ensure the turbines’ availability. Svendborg Brakes, a Regal Rexnord Brand, developed a new solution to quickly restore operations - cutting disc resurfacing activities and exchange pads to only 3 days, while requiring only a day and a half of true downtime. As the Wind Industry navigates short-term challenges and sustained growth potential…