DJ Ørsted takes final investment decision on Farranrory Onshore Wind Farm in Ireland
Ørsted A/S (Orsted) Ørsted takes final investment decision on Farranrory Onshore Wind Farm in Ireland 18-Jan-2024 / 10:00 CET/CEST =---------------------------------------------------------------------------------------------------------------------- 18.1.2024 10:00:01 CET | Ørsted A/S | Investor News Ørsted has taken final investment decision (FID) on Farranrory Onshore Wind Farm in Tipperary, the company's 22nd wind farm on the island of Ireland. The wind farm, which will consist of nine wind turbines and have the capacity to generate 43.2 MW of green electricity, is expected to be fully operational by the summer of 2026. This will bring Ørsted's operational capacity across solar power and onshore wind in Ireland and Northern Ireland to over 500 MW. The FID follows the project's successful bid under the Irish Government's Renewable Electricity Support Scheme 3 (RESS 3) auction in September 2023. The RESS 3 auction had an average strike price of EUR 100.47 per MWh,which is consistent with similar regimes in other European markets. RESS 3 also awarded a contract to Garreenleen Solar Farm in Carlow, which last month became Ørsted's first Irish solar project to achieve FID to commence construction. Commenting on the investment decision, Kieran White, Senior Vice President of Onshore in Region Europe at Ørsted, said: "Wind energy plays a pivotal role in the transition to renewable energy, and we're proud to confirm that we'll invest in our 22nd Irish wind farm." "Our final investment decision is testament to our commitment to providing green energy to the Irish grid, driving down the cost of electricity for consumers, and contributing to Ireland's overall energy independence. Pending grid connection, we look forward to seeing the wind farm in commercial operation by summer 2026," he added. The energy produced by Farranrory Onshore Wind Farm will be enough power the equivalent of Irish 25,000 homes with renewable electricity. With today's investment decision, the project will also install the necessary infrastructure to facilitate the wind farm connecting to the grid. For further information, please contact: Global Media Relations Tom Christiansen +45 99 55 60 17 tomlc@orsted.com Investor Relations Rasmus Keglberg Hærvig +45 99 55 90 95 ir@orsted.com 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, renewable hydrogen and green fuels facilities, and bioenergy plants. Ørsted is recognised on the CDP Climate Change A List as a global leader on climate action and was the first energy company in the world to have its science-based net-zero emissions target validated by the Science Based Targets initiative (SBTi). Headquartered in Denmark, Ørsted employs approx. 8,700 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2022, the group's revenue was DKK 132.3 billion (EUR 17.8 billion). Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and X. Attachments . Farranrory FID.pdf News Source: Ritzau =---------------------------------------------------------------------------------------------------------------------- Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. =---------------------------------------------------------------------------------------------------------------------- ISIN: DK0060094928 Category Code: MSCM TIDM: Orsted Sequence No.: 298237 EQS News ID: 1817745 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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January 18, 2024 04:00 ET (09:00 GMT)
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