Ørsted has entered into an agreement with Brookfield Renewable, 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 € 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 a portfolio of 389MW in operation and under construction, 149MW advanced development, and more than 1GW of development pipeline in Ireland and 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.