Ørsted has suspended its dividend and slashed targets for developing renewables as the world’s largest offshore wind developer plots a recovery following a calamitous 12 months.
Ørsted has taken the final investment decision (FID) on what the company says is the world’s single largest offshore wind farm, the 2.9 GW Hornsea 3, which is expected to be completed around the end of 2027.
Ørsted and Jan De Nul Group have signed the offshore export cable installation contract for the 2.9 GW Hornsea 3 offshore wind farm in the UK. This is the first offshore HVDC installation contract awarded by Ørsted in the UK, the company said.
Orsted (ORSTED.CO), opens new tab is expected to trim investment plans and cut dividends on Wednesday as it presents a new strategy but investors are worried that the Danish renewable energy firm may want to raise new capital to stick to its ambitious targets.