Cork windfarm operator to be acquired by Danish firm for €571m

Brookfield Renewable Ireland has a portfolio of 389MW in operation and under construction

Garracummer Windfarm. Hollyford, Co. Tipperary. Picture: Brookfield Renewables

A Cork headquartered wind farm operator has been acquired by a Danish company that values the firm at €571m.

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 final price will be subject to customary adjustments.

BRI, headquartered in Cork, is a developer, owner, and operator of onshore wind farms with a portfolio of 389MW in operation and under construction, 149MW advanced development, and more than 1GW of development pipeline in Ireland and the UK.

Mads Nipper, Group President and CEO of Ørsted, said: “In the US, we’ve built a strong onshore business with 4GW in operation and under construction. The European market for onshore wind power is expected to grow significantly in the coming years, and with the acquisition of BRI, we get a strong platform that expands our presence in onshore renewables to Europe, allowing us to continue our successful expansion of our onshore renewables business.” 

Declan Flanagan, CEO of Ørsted’s Onshore business unit, said: “We’re excited to acquire BRI, which has a strong strategic and operational fit to Ørsted combined with what we believe to be very complementary business cultures."

BRI’s existing management team will continue to run the business which will be integrated into Ørsted’s onshore business unit over time. McCann FitzGerald advised Brookfield on the deal which is expected to close by the end of June this year.