16 April, 2021

Ørsted makes €571m acquisition in Ireland

Ørsted has entered into an agreement with Brookfield Renewable, a global owner and operator of renewable power assets, 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 EUR 571 million as of 31 December 2020. 

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 an attractive portfolio of 389 MW in operation and under construction, 149 MW advanced development, and more than 1 GW of development pipeline in Ireland and the UK. (press release)

Fortum plans hydrogen hub in Germany

Uniper, a division of Finland’s Fortum, plans to turn the North Sea port town of Wilhelmshaven into a national hub for climate-friendly hydrogen, including an import terminal for green ammonia and a 410MW electrolyser for the production of green hydrogen. Uniper had originally explored the idea of constructing a floating import terminal for LNG at the site, but a late 2020 market test to show binding interest proved that there is currently not enough interest in the LNG sector in terms of booking large, long-term capacities for regasification in Germany. The terminal is planned to be equipped with an ‘ammonia cracker’ for producing green hydrogen (by splitting off nitrogen), and it will also be connected to a planned hydrogen network. (Recharge)

Finland’s renewable energy surpasses fossil fuels and peat for the first time

Renewable energy accounted for 40% of Finland's total consumption last year, according to Statistics Finland. For the first time in statistical history, the figure was higher than the total consumption of fossil fuels and peat, whose share of consumption fell to 37%. (Taloussanomat)

Swedish government touts huge "green" infrastructure expansion

The government is presenting a budget bill with the largest Swedish financial framework ever for transport infrastructure measures. The Infrastructure Bill combines investments in road and railway maintenance with new investments, contributing to accessibility, climate work, expanded labor market regions, regional development, cohesion in the country and Sweden's competitiveness. In total, the framework amounts to SEK 876 billion for the period 2022-2033. Most of the money, SEK 437 billion, will be invested in the expansion of trunk lines for high-speed trains and the ministers highlighted the Norrbottnia line between Umeå and Luleå. The Minister of Infrastructure Tomas Enroth see the infrastructure as part of the green restart, describing the investment as "Bigger than Biden!" (press release, Byggvärlden)

Minesto seeks IP protection with patent

Minesto, a developer of marine energy, is strengthening its patent portfolio around the company's unique marine energy technology, and has been granted a new patent by which the company extends the protection of its core technology. (press release)

Hydrogen company Hynion listed on Euronext Growth

Hynion currently operates Norway's only public hydrogen station, at Høvik, and plans to open hydrogen stations in Gothenburg and Porsgrunn during the first half of the year. Ulf Hafseld, CEO of Hynion AS, said the listing on Euronext Growth gives Hynion greater weight when it comes to growing and establishing more hydrogen stations in and around the big cities in Scandinavia and eventually other countries in Europe. "Investors who are interested in hydrogen as a megatrend get an opportunity to invest in a hydrogen company that is already operational, which is based on proven technology, and which can be scaled up as the market matures".

What we’re reading

• Global investment feeble in February, while hydrogen surges (FDI Intelligence)

 

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