Orsted and Danish institutional investor ATP have joined forces to submit a bid in the upcoming tender for the Danish North Sea energy island.
The partnership builds on the two companies’ “strong industrial and financial capabilities” with the purpose of developing the “significant renewable energy resources” in the Danish North Sea.
Orsted said the North Sea energy island will be a cornerstone in harnessing the Danish offshore wind resources, which can make a substantial contribution towards Denmark’s and Europe’s green transitions and create thousands of jobs in Denmark.
Orsted has constructed more than 25 offshore wind farms and 17 offshore transmission systems across the world, and is the world’s leading developer of offshore wind.
The developer is also expanding its portfolio of power-to-x projects around the North Sea, which are all planned to be connected to large-scale offshore wind.
Orsted and ATP will examine the “optimal integration” of power-to-x with the energy island and the future energy infrastructure in the North Sea.
ATP has more than 5.3 million members with funds totalling Dkr960bn (€130bn).
Orsted CEO Mads Nipper said: “The North Sea energy island will be absolutely key to the continued build-out of offshore wind in the Danish North Sea.
“For the past 30 years, Orsted has been the frontrunner in offshore wind development, making the technology a cornerstone of an economically sustainable, green transformation in Denmark and globally.
“By partnering with ATP to submit a bid for the Danish North Sea energy island, we’re combining Orsted’s world-leading offshore wind expertise with ATP’s unique track record as one of Europe’s largest institutional investors.
“We look forward to working with ATP and doing our part to realise this groundbreaking infrastructure project with the best technological solutions at the lowest cost and risk to the benefit of the Danish society.”
ATP CEO Bo Foged added: “The North Sea energy island is a very interesting investment case for ATP, because it can contribute to good and stable pensions and develop Danish industrial positions of strength while also being a decisive lever for the green transition in Denmark.
“The investment is, of course, not without risk, for which our members must be compensated, but Orsted and ATP make up a strong partnership with the right complementary capabilities to deliver on this task.
“And then I’m also pleased that we, in this partnership, can secure that the returns from the project will benefit all Danes through ATP.”