195;rsted A/S Ørsted Acquires Ireland And Uk Onshore Wind Power Platform From Brookfield Renewable

TIDMORSTED

Today, Ørsted has entered into an agreement with Brookfield
Renewable, a global owner and operator of renewable power assets, to
acquire a 100 % equity interest in its existing Ireland and UK onshore
wind business, Brookfield Renewable Ireland (BRI). The agreement is
based on an enterprise valuation of BRI of EUR 571 million as of 31
December 2020. The final price will be subject to customary adjustments.

With the acquisition of BRI, Ørsted enters the European onshore
market. BRI, headquartered in Cork, Ireland, is a developer, owner, and
operator of onshore wind farms. BRI has an attractive portfolio of 389
MW in operation and under construction, 149 MW advanced development, and
more than 1 GW of development pipeline in Ireland and the UK.

Ørsted entered the onshore renewables business in 2018 with an
initial focus on the US. Today, Ørsted's onshore business has
reached a meaningful scale with an operating and in construction
portfolio of 4 GW of wind and solar and a strong pipeline of further
projects in development. The growth over the past year ranks the
business among the five largest US constructors in terms of onshore
capacity additions since 2017.

Building on the success of the US business, Ørsted has been
evaluating opportunities to enter the onshore renewables business in
Europe.

Mads Nipper, Group President and CEO of Ørsted, says:

"In the US, we've built a strong onshore business with 4 GW in operation
and under construction. The European market for onshore wind power is
expected to grow significantly in the coming years, and with the
acquisition of BRI, we get a strong platform that expands our presence
in onshore renewables to Europe, allowing us to continue our successful
expansion of our onshore renewables business."

Declan Flanagan, CEO of Ørsted's Onshore business unit, says:

"We're excited to acquire BRI, which has a strong strategic and
operational fit to Ørsted combined with what we believe to be very
complementary business cultures. We've learned that, like Ørsted,
the BRI team is ambitious, prioritise safety and quality, and strive to
be a good neighbour in the communities they operate in.

The Irish and UK onshore markets offer attractive fundamentals, projects
at scale, and value creation through a mix of development projects and
repowering opportunities. Furthermore, we can leverage the BRI team's
market-leading offtake capabilities within trading and corporate PPAs
with direct synergies to Ørsted's existing efforts in the UK."

BRI's existing management team will continue to run the business which
will be integrated into Ørsted's Onshore business unit over time.

The transaction is expected to close by Q2 2021.

The information provided in this announcement does not change
Ørsted's previous EBITDA guidance for the financial year 2021.
Subject to closing of the transaction, the expected investment level for
2021 will increase with the purchase price.

Investor call

An investor call for investors and analysts will be held on Friday, 16
April 2021 at 13:30 CEST.

Denmark: +45 7815 0108

United Kingdom: +44 3333 009 265

United States: +1 8332 498 405

Ireland: +35 312 232 016

The investor call can be followed live at:

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About BRI

-- BRI is a developer, owner, and operator of onshore wind farms in Ireland
and Scotland.

-- BRI has a total team of 73 professionals between a head office in Cork,
Ireland, and an office in Edinburgh, Scotland.

-- BRI owns a portfolio of 389 MW, in operation and under construction, and
149 MW advanced development pipeline.

-- BRI also owns more than 1 GW development pipeline in Ireland and the UK.

About Ørsted

The Ørsted vision is a world that runs entirely on green energy.
Ørsted develops, constructs, and operates offshore and onshore wind
farms, solar farms, energy storage facilities, and bioenergy plants, and
provides energy products to its customers. Ørsted ranks as the
world's most sustainable energy company in Corporate Knights' 2021 index
of the Global 100 most sustainable corporations in the world and is
recognised on the CDP Climate Change A List as a global leader on
climate action. Headquartered in Denmark, Ørsted employs 6,179
people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted).
In 2020, the group's revenue was DKK 52.6 billion (EUR 7.1 billion).
Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and
Twitter.

For further information, please contact:

Ørsted Group Media Relations

Carsten Birkeland Kjær

+ 45 99 55 77 65

cabkj@orsted.dk
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Ørsted Investor Relations

Allan Bødskov Andersen

+ 45 99 55 79 96

ir@orsted.dk
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Attachment

-- Ørsted acquires Ireland and UK onshore wind power platform from
Brookfield Renewable
https://ml-eu.globenewswire.com/Resource/Download/46607ed0-5305-45f1-8118-1137cc058d3f

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April 16, 2021 02:57 ET (06:57 GMT)

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