Orsted is mulling potential partnership agreements with offshore wind developers plus mergers and acquisitions of new projects in a bid to secure further revenue growth towards the end of the decade.
Group president and chief executive Rasmus Errboe told investors that striking deals with other outfits could help Orsted to deliver additional capacity and boost earnings once its current 8.1GW offshore construction portfolio is completed by the end of 2027.
Little detail was given on how any partnerships could be structured. However, Rasmus said collaborations could be on the cards as part of the Danish giant’s assessment of future opportunities for fixed bottom schemes within core markets in Europe and the APAC region.
“We are in a position to be able to create value accretive opportunities,” said Errboe.
“We have the structure to be able to cater for a slight dip in construction at the end of the decade.
“Our focus is on core markets. (But) it becomes too speculative for me to get into what kind of partnerships they could be.
“We are not chasing gigawatts. It is value over volume, and we do believe the opportunities are out there.”
The Orsted chief confirmed the company is also studying auctions and tenders slated for later this year in Denmark, the Netherlands, Belgium, the UK, Taiwan, South Korea and Australia as attention turns towards delivering on strategic priorities for this year.
It follows a 2025 that was heavily dominated by efforts to strengthen the developer’s capital structure as Orsted reported today (6 February) a net profit of €420m for the full year and EBITDA within its guided range.
Those efforts include the successful completion of an €8bn rights issue, finalisation of €6.2bn divestment programme and confirmation of a restructuring plan to reduce Orsted’s headcount by 2,000 positions by the end of 2027 to improve cost efficiency.
Errboe emphasised Orsted would adopt a “disciplined approach” to future capital allocation, as demonstrated by the decision to discontinue the 2.6GW Hornsea 4 wind farm off east England last year and “reconfigure” it for potential future development.
He ruled out any moves that would increase Orsted’s exposure to the US market, however, where it has resumed offshore construction on the 704MW Revolution Wind and 924MW Sunrise Wind projects following the granting of preliminary injunctions against government-issued lease suspension orders.
“We maintain the leases we have and continue to apply them but have no expectation to acquire anymore in the US,” he added.