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Avaada Inks ₹45 Billion Refinancing Deal for Four Solar Projects in Rajasthan

Daily News Wrap-Up: Application Process for ALMM Inclusion and Renewal

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POWERGRID Wins Contracts to Evacuate 18 GW of Renewable Energy

MNRE Seeks Feedback on Guidelines for PM-Surya Ghar Rooftop Solar Program

Apple Partners with CleanMax to Power India Operations with Renewable Energy

Explainer: Application Process for ALMM Inclusion and Renewal


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					</table><p><a href="https://www.mercomindia.com/navitas-solar-to-manufacturing-facility-in-us-by-2024" target="_blank" rel="noopener"><strong>Gujarat-based solar module manufacturer Navitas Solar is establishing a 1.2 GW module factory in the United States through a strategic partnership with local entities, including Sustainable Equity and Colby Solar.</strong></a> The facility, known as Navitas Solar USA by Colby, will be constructed within the Midwest region of the U.S. The company is yet to finalize between two undisclosed locations. According to a source Mercom spoke to, the facility is expected to be operational by the fourth quarter of 2024. It will be designed to eventually reach a capacity of 10 GW over the next few years.</p>
<p><a href="https://www.mercomindia.com/us-30-million-supply-chain-critical-minerals-clean-energy" target="_blank" rel="noopener"><strong>The U.S. Department of Energy has allocated up to $30 million to support the cost reduction related to extracting rare earths and other essential minerals and materials from domestic coal-based sources within the country.</strong></a> The financial support, made possible by the Bipartisan Infrastructure Law, aims to address the increasing requirement for critical minerals in the U.S. while diminishing the need for overseas sources. These critical minerals, including rare earth minerals, play a significant role in clean energy technologies, including solar panels, wind turbines, electric vehicles, and hydrogen fuel cells.</p>
<p><a href="https://www.mercomindia.com/battery-manufacturer-northvolt-fund-expansion-plans" target="_blank" rel="noopener"><strong>Northvolt, a Sweden-based manufacturer of lithium-ion batteries, has announced raising $1.2 billion in convertible notes to support its expansion plans across Europe and North America.</strong></a> The latest funding represents an extension of the $1.1 billion convertible note that was initially signed in July 2022. This financial injection has garnered investments from funds characterized as “dark green,” aligning with Article 9 of the EU’s Sustainable Finance Disclosure Regulation.</p>
<p><a href="https://www.mercomindia.com/orsted-loss-78-million-q2-wind-projects-less-revenue" target="_blank" rel="noopener"><strong>Denmark-based renewable energy project developer </strong><strong>Ørsted</strong><strong> has reported a net loss of DKK 538 million (~$78.29 million) in the second quarter (Q2) of 2023, compared to a profit of DKK 269 million (~$39.14 million) in Q2 2022.</strong></a> The loss could be attributed to increased financial expenses driven by exchange rate adjustments related to internal loans and a considerable revenue drop. The company’s revenue registered a drop of 37% year-over-year in Q2 2023 and stood at  DKK 16.48 billion (~$2.39 billion).</p>
<p><a href="https://www.mercomindia.com/fraunhofer-solar-cells-car-hoods" target="_blank" rel="noopener"><strong>Fraunhofer Institute for Solar Energy Systems has integrated 120 PERC (passivation emitter rear contact cell) shingle solar cells into a passenger car’s sheet metal hood</strong></a> to fabricate a 115-watt rated solar-active surface for onboard power generation. To make the most efficient use of the available surface area on the hood, the Fraunhofer team constructed their prototypes using a selection of interdigitated back contact, PERC shingle, and TOPCon shingle solar cells. In principle, any solar cell technology can be used.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/mercom-staff/" class="vcard author" rel="author"><span class="fn">Mercom Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Daily News Wrap-Up: Navitas Solar to Set Up Module Manufacturing Facility in the US


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					</table><p>Denmark-based renewable energy project developer <a href="https://orsted.com/" target="_blank" rel="noopener">Ørsted</a> has reported a net loss of DKK 538 million (~$78.29 million) in the second quarter (Q2) of 2023, compared to a profit of DKK 269 million (~$39.14 million) in Q2 2022.</p>
<p>The loss could be attributed to increased financial expenses driven by exchange rate adjustments related to internal loans and a considerable drop in revenues.</p>
<p>The company’s revenue registered a drop of 37% year-over-year (YoY) in Q2 2023 and stood at  DKK 16.48 billion (~$2.39 billion). The revenue drop was mainly due to lower prices and volumes of natural gas sold during the period. It was also significantly impacted due to the drop in revenue from offshore and onshore wind sites.</p>
<p>The revenue from offshore wind sites amounted to DKK 11.5 billion (~$1.67 billion), a decrease of 34% YoY.</p>
<p>Also, the revenue from onshore wind sites reduced by 14% YoY and amounted to DKK 600 million (~$87.31 million) in Q2 2023.</p>
<p>The earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at DKK 3.3 billion (~$480.21 million), a decline of 8% YoY.</p>
<p>EBITDA from offshore wind sites amounted to DKK 2.98 billion (~$433.64 million), an increase of 56.4% YoY. The increase was mainly due to the ramp-up of generation from Greater Changhua 1 and 2a in Q2 2023, higher prices on the inflation-indexed contracts for differences (CFD) and renewable obligation certificate (ROC) wind farms, lower balancing, and a lower negative impact from hedges.</p>
<p>EBITDA from the onshore business amounted to DKK 792 million (~$115.25 million), a decrease of 26.3% YoY. The ramp-up of generation from new assets was more than offset by lower prices, especially in the UK and Ireland, and lower generation in the U.S. due to lower availability and wind speeds.</p>
<p>Commenting on the results, Mads Nipper, Group President and CEO, said, &#8220;During the quarter, we achieved a number of significant milestones within our offshore wind portfolio. In the UK, we were delighted to confirm that Hornsea 4 offshore wind farm has been granted its development consent order. With a capacity of up to 2.6 GW, the project will by itself be one of the world&#8217;s largest offshore wind farms and be part of the Hornsea zone with a total capacity of more than 7 GW. In Ireland, we have signed an agreement to jointly develop an Irish offshore wind portfolio in a landmark deal with Ireland&#8217;s leading utility, ESB.”</p>
<p><strong>1H 2023 </strong></p>
<p>The company reported a net profit of DKK 2.66 billion (~$387.07 million) in 1H 2023, a drop of 55.3% YoY. The decrease was mainly due to the lower EBITDA from onshore projects, higher depreciation, and higher net financial expenses.</p>
<p>The company’s revenue stood at DKK 45.85 billion (~$6.67 billion) in 1H 2023, a drop of 23.66% YoY. The decrease was primarily driven by significantly lower power and gas prices across all markets.</p>
<p>The EBITDA figures for 1H 2023 stood at DKK 10.23 billion (~$1.49 billion), a drop of 21.57% YoY.</p>
<p>EBITDA from offshore wind sites amounted to DKK 8.39 billion (~$1.22 billion), an increase of 7.2% YoY. The improvement in Q2 contributed to the increased earnings for the 1H period.</p>
<p>Further, EBITDA from onshore wind sites amounted to DKK 1.63 billion (~$237.19 million), a decrease of 15.53% YoY.</p>
<p>As of June 2023, the company’s total installed and under-construction power project capacity was 20.38 GW, comprising 11.98 GW of offshore wind capacity, 6.25 GW of onshore wind capacity, and 2.15 GW of hydrogen, synthetic natural gas, liquid fuels, and biomass.</p>
<p>In May this year, Ørsted <a href="https://www.mercomindia.com/orsted-eversource-offshore-seabed-625-million" target="_blank" rel="noopener">inked</a> a $625 million deal to buy out Eversource Energy’s 50% stake in a federal offshore wind lease area they currently co-own. The deal also covers contracts and partnerships for essential operational assets in the U.S. Northeast.</p>
<p>Earlier in March, Ørsted had <a href="https://www.mercomindia.com/project-finance-brief-leeward-secures-solar-project" target="_blank" rel="noopener">acquired</a> the 160 MW Garrenleen solar project from solar project developer Terra Solar in Ireland. It was the company’s second solar project acquisition in Ireland, and it will power up to 56,000 homes annually, making it one of the largest solar farms in the country.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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Ørsted Records a Loss of $78 Million in Q2 As Wind Projects Yield Less Revenue


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					</table><p>Denmark-based renewable energy developer <a href="https://orsted.com/" target="_blank" rel="noopener">Ørsted</a> has inked a $625 million deal to buy out <a href="https://www.eversource.com/content/business" target="_blank" rel="noopener">Eversource Energy&#8217;s</a> 50% stake in a federal offshore wind lease area they currently co-own. The deal also covers contracts and partnerships for essential operational assets in the U.S. Northeast.</p>
<p>The deal is expected to close in the third quarter of 2023.</p>
<p>The lease area, ‘Lease 500,’ covers about 187,000 acres of uncontracted seabed and can produce up to 4 GW of power. The deal also includes contracts and leases for key port facilities and other assets in Rhode Island, Connecticut, and New York.</p>
<p>Ørsted will own and operate these assets, as well as the first U.S.-built offshore wind service vessel, built by Edison Chouest in Louisiana and is over halfway done.</p>
<p>The company’s U.S. offshore wind portfolio benefits from Lease 500, which has several advantages over other sites. The site is close to existing Ørsted projects, which reduces construction and operational costs. The site has shallow water depth and high wind speeds, which enhance the performance of the wind turbines. The site is also strategically located about 40 km off Southern New England&#8217;s coast, enabling it to serve four markets– Massachusetts, Rhode Island, Connecticut, and New York.</p>
<p>As part of the agreement with Ørsted, Eversource has reached a tax equity agreement with the company for the South Fork Wind project, which is a key step for the project to start delivering clean energy later this year. Eversource will also support the onshore construction of all three projects in the portfolio, ensuring their long-term success and continuity.</p>
<p>In March, Ørsted <a href="https://www.mercomindia.com/project-finance-brief-leeward-secures-solar-project" target="_blank" rel="noopener">acquired </a>the 160 MW Garrenleen solar project from solar project developer Terra Solar in Ireland<strong>.</strong>  Ørsted already operates 360 MW of onshore wind in Ireland.</p>
<p>Earlier, Ørsted <a href="https://www.mercomindia.com/daily-news-wrap-up-amp-energy-signs-hybrid-project-with-seci" target="_blank" rel="noopener">announced</a> that it would start the construction of its 471 MW Mockingbird Solar Center in Texas. The project will cover an area of 4,900 acres and is expected to generate enough renewable energy to power more than 80,000 homes annually, making it the largest solar project in Ørsted&#8217;s portfolio. The completion of the project is expected in 2024.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Ørsted Buys Eversource Offshore Wind Seabed Share for $625 Million


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					</table><p><a href="https://about.google/" target="_blank" rel="noopener">Google</a> has signed a power purchase agreement (PPA) for 150 MW with Denmark-based <a href="https://orsted.com/" target="_blank" rel="noopener">Orsted</a>, which will supply the power from its 268 MW Helena Wind Farm in Texas in the United States for the next 15 years.</p>
<p>The project, commissioned in mid-2022, provides low-cost electricity to the South ERCOT service territory, enough to power an estimated 90,000 homes.</p>
<p>The PPA is the first agreement between Google and Orsted in the U.S. and the second agreement globally. Both the PPAs will contribute to Google’s commitment to operating all its data centers, cloud regions, and offices on 24/7 carbon-free energy by 2030.</p>
<p>“Building a 24/7 carbon-free energy portfolio requires us to blend various resources to optimize for hourly production, and that’s exactly what this project helps us accomplish,” said Sana Ouji, Energy Lead at Google.</p>
<p>Google aims to match its electricity demand with a carbon-free energy supply every hour of every day, in every region where it operates, by 2030.</p>
<p>“As a trusted partner in providing clean energy solutions for our customers, we’re proud to support Google’s decarbonization goals on both a regional and global scale,” said Monica Testa, Head of Origination at Orsted Americas.</p>
<p>Orsted targets reaching 17.5 GW of onshore renewables in 2030 and aims to deliver approximately 1.5 GW of additional capacity annually while growing a clean energy portfolio consisting of wind, solar, storage, and renewable hydrogen.</p>
<p>Corporations in the U.S. <a href="https://www.mercomindia.com/us-corporations-procured-20-gw-clean-energy-2022" target="_blank" rel="noopener">procured</a> nearly 20 GW of clean energy in 2022, according to an American Clean Power Association report. Cumulatively, 326 companies contracted 77.4 GW of clean energy by the end of 2022. Google procured 6.2 GW, while Amazon contracted 12.4 GW and Meta 8.7 GW.</p>
<p>Last November, renewable energy developer SB Energy Global said Google would <a href="https://www.mercomindia.com/sb-energy-google-1-2-gw-solar-texas" target="_blank" rel="noopener">buy</a> approximately 75% (942 MW) of the clean energy produced by the company’s four Texas-based upcoming solar projects with a combined capacity of 1.2 GW.</p>
<p>Orsted last year agreed to <a href="https://www.mercomindia.com/offshore-orsted-acquires-100-stake-in-ostwind" target="_blank" rel="noopener">acquire</a> 100% in Ostwind, onshore wind and solar developer, owner, and operator. The acquisition is part of Orsted’s strategy to expand its European footprint, which is key to its offshore business.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/nagaraj/" class="vcard author" rel="author"><span class="fn">B.S. Nagaraj</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nagaraj_edtd-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">B.S. Nagaraj,</strong> Senior Editor at Mercom India<br />
<a href="https://mercomindia.com/author/nagaraj/" target="_blank" rel="noopener">More articles from B.S. Nagaraj.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nagaraj_edtd-1.jpg" alt="Nagaraj Bharadwaj" /><a href="https://mercomindia.com/author/nagaraj/" target="_blank" rel="noopener"><strong style="color: #00b451">B.S. Nagaraj</strong></a> is a Senior Editor at Mercom India. Nagaraj is an experienced journalist and has held senior roles in publications like The Indian Express and Deccan Herald, and Qatar Tribune. He has also worked for business advisory and risk management consulting firms in New Delhi.<br />
<a href="https://mercomindia.com/author/nagaraj/">More articles from B.S. Nagaraj.</a></p>
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Google to Procure 150 MW Wind Power from Orsted’s Project in Texas


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					</table><p>Denmark-based wind developer<a href="https://orsted.com/" target="_blank" rel="noopener"> Orsted</a> swung into a loss of DKK 329 million (~$48.19 million) in the fourth quarter (Q4) of the financial year (FY) 2022, compared with a net profit of DKK 3.26 billion (~$482 million) year-over-year (YoY).</p>
<p>The company said the quarterly loss was due to delays at two of its projects &#8212; Hornsea 2 and Greater Changhua 1 and 2a. Adverse impacts from ineffective hedging compounded the quarterly loss, the company added.</p>
<p>For the October-December quarter, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at DKK 6.7 billion (~$981 million), a decline of 18.78 % YoY.</p>
<p>Orsted’s pipeline increased by 25% during FY 2022.</p>
<p>The company’s installed renewable capacity, as of FY 2022, stands at 15,121 MW compared to 12,977 MW in 2021, an increase of 16.5 % on a YoY basis.</p>
<p>For FY 2022, Orsted recorded a net profit of DKK 15 billion (~$2.2 billion), an increase of 37.74% YoY.</p>
<p>The company’s EBITDA for the full financial year amounted to DKK 32.06 billion (~$4.7 billion), an increase of 31.9% YoY.</p>
<p>The company said its earnings composition demonstrates the strength of its diversified portfolio of assets. A strong performance was seen from the onshore wind and solar PV business and gas activities.</p>
<p>The company commissioned the offshore wind projects Hornsea 2 in FY 2022. It also reached a Final Investment Decision (FID) on its first utility-scale U.S. offshore wind project in South Fork Wind.</p>
<p>Other major developments include a partnership with Copenhagen Infrastructure Partners (CIP) for a potential of up to 5.2 GW through an open-door scheme. Orsted also applied to build 15 GW of offshore capacity in Sweden, another floating wind partnership in Spain with Repsol, and entry into Scotland took shape.</p>
<p>The company was also able to recycle capital through the farm-down of its two projects, Hornsea 2 and Borkum Riffgrund 3.</p>
<p>Through the “farm down” or build-sell-operate model, developers sell stakes in renewable assets to institutional investors keen on long-term and stable yields.</p>
<p>Further, the company recorded a 91% of green share in energy generation, and greenhouse gas emissions dropped by 87% between 2006-2022.</p>
<p>In terms of onshore wind projects, Orsted reached FID on a total of 1.4 GW onshore projects, expanding into Germany and France with the acquisition of Ostwind.</p>
<p>The company said it is well-positioned to tap into political support with a portfolio spanning several renewable technologies across key growth markets.</p>
<p>The European Union’s “Fit-for-55” and progress on ensuring faster permitting of renewable projects, is one of the policies that boosted operations.</p>
<p>The U.S. ‘Inflation Reduction Act and several coastal states also increased targets for offshore wind build-out.</p>
<p>Additionally, the continued expansion of renewable ambitions across the APAC region along with opening up the Australian offshore market led to growth.</p>
<p>The Denmark-based wind developer <a href="https://mercomindia.com/farm-downs-partnerships-drive-wind-developer-orsteds-profit-up-in-q3/" target="_blank" rel="noopener">posted</a> a net profit of DKK9.36 billion (~$1.3 billion) in the third quarter (Q3) of 2022, a massive jump of 1,821% YoY.</p>
<p>Orsted had <a href="https://mercomindia.com/offshore-orsted-acquires-100-stake-in-ostwind/" target="_blank" rel="noopener">agreed</a> to acquire 100% of Ostwind, onshore wind and solar developer, owner, and operator. The deal is based on an enterprise valuation of Ostwind of €689 million (~$759 million). The acquisition is part of Orsted’s strategy to expand its European footprint, which is key to its offshore business.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Wind Developer Orsted Swings to $48.2 Million Loss in Q4 Due to Project Delays


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					</table><p>Denmark-based wind developer <a href="https://orsted.com/" target="_blank" rel="noopener">Orsted</a> posted a net profit of DKK9.36 billion (~$1.26 billion) in the third quarter (Q3) of 2022, a massive jump of 1,821% year-over-year (YoY). The company earned DKK10.9 billion (~$1.46 billion) as a farm-down gain from the 50% divestment of the Hornsea 2 and Borkum Riffgrund 3 offshore wind farms.</p>
<p>Through the &#8220;farm down&#8221; or build-sell-operate model, developers sell stakes in renewable assets to institutional investors keen on long-term and stable yields.</p>
<p>The company&#8217;s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter stood at DKK12.32 billion (~$1.65 billion), an increase of 313% YoY.</p>
<p>&#8220;Despite the highly unusual and volatile period with war, high inflation, and increasing interest rates, Orsted has continued the build-out of renewable energy and the delivery of power and heat to our communities. Most of the power delivered was under fixed-price agreements or hedged,&#8221; said Mads Nipper, Group President and CEO of Orsted.</p>
<p>The net profit for the first nine months (9M) of 2022 stood at DKK15.32 billion (~$2.06 billion), a hike of 101% YoY. The EBITDA for the period was DKK25.36 billion (~$3.41 billion), a jump of 58%.</p>
<p>The company posted revenue of DKK96.6 billion (~$13 billion) for 9M 2022, an increase of 105% YoY.</p>
<p>Orsted installed 15,019 MW of offshore wind capacity in 9M 2022. The company also installed 4,160 MW of onshore wind and 661 MW of solar.</p>
<p>Orsted reached several milestones in the build-out of renewable energy during the quarter, including the acquisition of Ostwind, which expands the company&#8217;s European onshore portfolio into Germany and France with more than 1.5 GW of development pipeline projects.</p>
<p>Orsted had <a href="https://mercomindia.com/offshore-orsted-acquires-100-stake-in-ostwind/" target="_blank" rel="noopener">entered</a> into an agreement to acquire 100% of Ostwind, onshore wind and solar developer, owner, and operator. The deal is based on an enterprise valuation of Ostwind of €689 million (~$705 million). The acquisition is part of Orsted&#8217;s strategy to expand its European footprint, which is key to its offshore business.</p>
<p>The company also partnered with Copenhagen Infrastructure Partners to develop 5.2 GW of offshore wind in Denmark.</p>
<p>In June, Orsted <a href="https://mercomindia.com/funding-and-ma-roundup-repsol-renewables-stake/" target="_blank" rel="noopener">secured</a> Є1,350 million (~$1,445 million) through the issuance of green senior bonds to finance its global build-out of renewable energy and green growth ambition of reaching 50 GW of installed capacity by 2030.</p>
<p>Last December, Johnson &amp; Johnson <a href="https://mercomindia.com/daily-news-wrap-up-tata-power-solar-storage-project/" target="_blank" rel="noopener">signed</a> two power purchase agreements with Orsted to procure power from its Sparta Solar in Texas in the United States and two wind farms in Ireland.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Farm-downs, Partnerships Drive Wind Developer Orsted’s Profit Up in Q3


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					</table><p>Denmark-based <a href="https://orsted.com/" target="_blank" rel="noopener">Orsted</a>, an offshore wind developer and operator, entered into an agreement to acquire 100% in <a href="https://www.ostwind.eu/" target="_blank" rel="noopener">Ostwind</a>, onshore wind and solar developer, owner, and operator.</p>
<p>The agreement is based on an enterprise valuation of Ostwind of €689 million (~$705 million). The acquisition is part of Orsted’s strategy to expand its European footprint, which is key to its offshore business.</p>
<p>Subject to merger and foreign investment clearances, the transaction is expected to close in the second half of 2022. Ostwind’s management team will continue to run the business, which will be integrated into Orsted’s onshore business unit over time.</p>
<p>Along with the acquisition of Brookfield Renewable’s Ireland and UK onshore wind platforms in 2021 and the recent entry into the Spanish onshore market, Orsted’s onshore wind capacity now covers the U.S. and Europe markets at scale. With a current portfolio of 4.8 GW of onshore wind and solar PV projects in operation and construction, Orsted will reach 17.5 GW of onshore capacity globally by 2030.</p>
<p>Last month, Orsted <a href="https://mercomindia.com/funding-and-ma-roundup-repsol-renewables-stake/" target="_blank" rel="noopener">secured</a> Є1350million (~1,445million) through the issuance of green senior bonds to finance its global build-out of renewable energy and green growth ambition of reaching 50 GW of installed capacity by 2030.</p>
<p>With twenty years in onshore wind development and a track record of more than 1 GW of energized projects across Germany and France, Ostwind has a portfolio of 152 MW in operation and under construction, 526 MW in advanced development, and 1 GW in the pipeline.</p>
<p>Last December, Johnson &amp; Johnson <a href="https://mercomindia.com/daily-news-wrap-up-tata-power-solar-storage-project/" target="_blank" rel="noopener">signed</a> two power purchase agreements with Orsted to offtake power from its Sparta Solar in Texas in the United States and two wind farms in Ireland.</p>
<p>According to the Global Wind Energy Council’s report for 2022, 260 GW of new offshore capacity could be <a href="https://mercomindia.com/2021-was-the-best-year-for-offshore-wind-installations-globally-gwec/" target="_blank" rel="noopener">added</a> between 2022 and 2030, bringing global offshore installations to 316 GW by 2030. In 2021, 21.1 GW of offshore wind capacity was added.</p>
<p>The global onshore wind industry <a href="https://mercomindia.com/onshore-wind-installations-in-india-forecasted/" target="_blank" rel="noopener">witnessed</a> onshore wind capacity additions of 72.5 GW in 2021, 18% lower than the previous year due to the slowdown in China and the U.S., the world’s largest wind markets.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/vijayalakshmi-sridhar/" class="vcard author" rel="author"><span class="fn">Vijayalakshmi Sridhar</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/New-Project-6.jpg" width="77" height="102" /> <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">Vijayalakshmi</a> is a staff reporter at MercomIndia.com. She has two decades of experience as an independent journalist and features writer, and her work is featured across various publications and genres such as business, food, and clean energy. <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">More articles from Vijayalakshmi</a>.</p>
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Offshore Wind Developer Orsted Acquires 100% Stake in Onshore Wind Company Ostwind

<p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>NTPC has announced that 70 MW of 85 MW Bilhaur Solar PV Project at Bilhaur, Uttar Pradesh</strong>, was declared commercially operational from March 28, 2021. With this, the commissioned and commercial capacity of NTPC and NTPC group has become 51,725 MW and 64,490 MW, respectively.</p>
<p><strong>Adani Green Energy Limited has completed the </strong><a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/7866f8f4-bd9e-4d27-96a6-92ef7754fc2c.pdf" target="_blank" rel="noopener"><strong>acquisition</strong></a><strong> of 100% of the share capital and all the securities of Surajkiran Renewable Resources Private Limited</strong> from Skypower Southeast Asia III Investments Ltd and Skypower Southeast Asia Holdings 2 Ltd.</p>
<p><strong>The European Union (EU) Ambassador to India, and the Ministry of New and Renewable Energy&#8217;s (MNRE) Joint Secretary, </strong><a href="https://eeas.europa.eu/delegations/sudan/95702/eu-and-india-launch-%E2%80%9Cpv-waste-management-india%E2%80%9D-report_be" target="_blank" rel="noopener"><strong>launched</strong></a><strong> the &#8216;PV Waste Management in India&#8217; report</strong> at the Solar India Expo of Smart Cities India Expo. The report was jointly prepared by the National Solar Energy Federation of India, SolarPower Europe, and PV Cycle with the support of MNRE and EU India Technical Cooperation.</p>
<p><strong>Singapore start-up Oyika has said that it is raising $100 million for its energy-share business in Southeast Asia, targeting the transport sector and off-grid households in rural communities.</strong> The funds will go mainly towards rolling out the company&#8217;s battery-swap service for electric motorbikes in Indonesia. It has an order book of 30,000 power subscription plans. Part of the funds will also be used for expansion in Vietnam.</p>
<p><strong>BP has agreed to </strong><a href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bmw-group-and-daimler-mobility-join-forces-with-bp-as-a-partner-for-digital-charging-solutions-gmbh.html" target="_blank" rel="noopener"><strong>join</strong></a><strong> BMW Group and Daimler Mobility AG in their drive to extend and significantly improve electrification, making electric vehicle charging more convenient</strong> for drivers. Under their agreement, BP will become a 33.3% partner alongside BMW Group and Daimler Mobility AG in Digital Charging Solutions GmbH (DCS), one of Europe&#8217;s leading digital charging solutions for automotive manufacturers and vehicle fleet operators.</p>
<p><strong>Ørsted </strong><a href="https://orsted.com/en/media/newsroom/news/2021/03/451073134270788" target="_blank" rel="noopener"><strong>plans</strong></a><strong> to develop one of the world&#8217;s largest renewable hydrogen plants linked to industrial demand in the Netherlands and Belgium.</strong> &#8216;SeaH2Land&#8217; is an ambitious vision linking GW-scale electrolysis to the large industrial demand in the Dutch-Flemish North Sea Port cluster through an envisaged regional cross-border pipeline. The green electricity required to produce the renewable hydrogen is proposed to come from the build-out of additional large-scale offshore wind.</p>
<p>Here is the <a href="https://mercomindia.com/daily-news-wrap-evs-solar-rural-areas/" target="_blank" rel="noopener">previous</a> day&#8217;s news wrap-up.</p>
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<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rahul-nair/" class="vcard author" rel="author"><span class="fn">Rahul Nair</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p>Rahul is a staff reporter at Mercom India. Before entering the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has also worked for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has also worked for JP Morgan Chase and State Bank of India. <a href="https://mercomindia.com/author/rahul-nair/" rel="noopener noreferrer">More articles from Rahul Nair.</a></p>
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