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    ORSTED   DK0060094928

ORSTED A/S

(ORSTED)
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Biden administration approves South Fork wind farm off Rhode Island

11/24/2021 | 12:42pm EST

Nov 24 (Reuters) - The U.S. Interior Department said on Wednesday it approved the South Fork offshore wind power project off the coast of Rhode Island, making it the second commercial-scale wind project with federal approval.

The decision comes as the administration of President Joe Biden seeks to rapidly expand the U.S. offshore wind industry as part of its broader effort to decarbonize the nation's power sector by 2035, and the whole economy by 2050, to fight climate change.

The approximately 130-megawatt South Fork Wind project, a joint venture of Danish firm Orsted AS and U.S. company Eversource Energy, will be located about 19 miles (30.58 km) southeast of Block Island, Rhode Island, and 35 miles (56.33 km) east of Montauk Point, New York. The companies hope it will begin operations in 2023.

The Interior Department said the project will create about 340 jobs and provide enough power for about 70,000 homes.

“We have no time to waste in cultivating and investing in a clean energy economy that can sustain us for generations,” said Secretary of the Interior Deb Haaland. “Just one year ago, there were no large-scale offshore wind projects approved in the federal waters of the United States."

The Interior Department approved first commercial-scale U.S. offshore wind farm - the 800-megawatt Vineyard Wind project off Massachussetts - in May. (Reporting by Richard Valdmanis Editing by Bill Berkrot)


ę Reuters 2021
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Analyst Recommendations on ORSTED A/S
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Financials
Sales 2021 58 463 M 8 760 M 8 760 M
Net income 2021 11 558 M 1 732 M 1 732 M
Net Debt 2021 24 919 M 3 734 M 3 734 M
P/E ratio 2021 24,7x
Yield 2021 1,83%
Capitalization 284 B 42 622 M 42 571 M
EV / Sales 2021 5,29x
EV / Sales 2022 5,25x
Nbr of Employees 6 672
Free-Float 44,8%
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Mean consensus HOLD
Number of Analysts 24
Last Close Price 676,20 DKK
Average target price 923,36 DKK
Spread / Average Target 36,6%
EPS Revisions
Managers and Directors
Mads Nipper Group President & Chief Executive Officer
Marianne Wiinholt Chief Financial Officer
Thomas Thune Andersen Chairman
Richard Hunter Chief Operating Officer
Lene Skole-S°rensen Deputy Chairman
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