Ørsted is considering potential partnership agreements with other offshore wind developers, alongside mergers and acquisitions of new projects, as it looks to secure further revenue growth towards the end of the decade.
Group president and chief executive Rasmus Errboe told investors that collaborations could help Ørsted deliver additional capacity and boost earnings once its current 8.1GW offshore wind construction portfolio is completed by the end of 2027.
While Errboe offered limited detail on how any partnerships might be structured, he said cooperation with other developers could form part of Ørsted’s assessment of future opportunities for fixed-bottom projects in its core European and Asia-Pacific markets.
“We are in a position to be able to create value accretive opportunities,” Errboe said.
“We have the structure to be able to cater for a slight dip in construction at the end of the decade. Our focus is on core markets, but it becomes too speculative for me to get into what kind of partnerships they could be.”
Errboe stressed that the Danish developer would remain selective in its growth strategy, prioritising returns rather than headline capacity.
“We are not chasing gigawatts. It is value over volume, and we do believe the opportunities are out there,” he said.
Ørsted is also reviewing a series of offshore wind auctions and tenders expected later this year in Denmark, the Netherlands, Belgium, the UK, Taiwan, South Korea and Australia, as it sharpens its focus on near-term strategic priorities.
The comments follow a year dominated by efforts to strengthen the group’s capital structure. Ørsted reported a full-year net profit of €420m for 2025, with EBITDA landing within its guided range.
Measures taken during the year included the completion of an €8bn rights issue, finalisation of a €6.2bn divestment programme, and confirmation of a restructuring plan that will see headcount reduced by 2,000 roles by the end of 2027 to improve cost efficiency.
Errboe said the company would maintain a “disciplined approach” to capital allocation, citing last year’s decision to discontinue the 2.6GW Hornsea 4 project off eastern England and instead reconfigure the site for potential future development.
He also ruled out expanding Ørsted’s exposure to the US offshore wind market, despite construction having resumed on the 704MW Revolution Wind and 924MW Sunrise Wind projects following preliminary injunctions against government-issued lease suspension orders.
“We maintain the leases we have and continue to apply them, but have no expectation to acquire any more in the US,” Errboe added.
