Danish energy group Ørsted A/S (CPH:ORSTED) said Wednesday it has completed the acquisition of Brookfield Renewable Ireland (BRI), the onshore wind business in Ireland and the UK of Brookfield Renewable Partners LP (NYSE:BEP).
The deal, announced in April, marks an entry for the offshore wind major into the European onshore renewables market. Ørsted has an onshore business in the US.
According to the previous announcement, the purchase of a 100% equity interest in the business is based on an enterprise valuation of BRI of EUR 571 million (USD 696m).
Cork, Ireland-based BRI has a portfolio of 389 MW in operation and under construction, 149 MW in advanced development, and a development pipeline of over 1 GW in Ireland and the UK.
BRI's management team will continue to lead the business, headed by Kieran White, vice president and managing director, Ireland and UK onshore.
“Joining Ørsted, a leader in the global energy transformation to renewables, means we’re competitively positioned to drive value creation and increase renewable capacity in a market set to grow in the coming years,” said White.
Ørsted said the acquisition doesn’t change its guidance for 2021. As previously announced, the 2021 expected investment level will increase with the purchase price, the company added.
(EUR 1.0 = USD 1.218)
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