ORSTED: A Global Force in Offshore Wind

Ørsted isn’t just another renewables company aiming for scale—it’s the world’s leading offshore wind powerhouse. Over the past two decades, the Danish-headquartered group has pivoted from fossil fuels to become a model for clean-energy transition proving the financial returns can match the environmental goals in the green economy. Its journey is rooted in early North Sea projects like Horns Rev, then scaled globally through titanic schemes like Hornsea 1 and 2. Along the way, Ørsted has woven a culture of engineering excellence, cross-border collaboration, and bold innovation.

Global governments are regularly in contact with this industry giant and now, under new CEO Rasmus Errboe—appointed in January 2025—it is staking claim to even more ambitious goals. Errboe, who previously served as head of Region Europe, has made clear his vision: to reinforce Ørsted’s standing as the offshore wind leader by focusing on project delivery, operational performance, and the scalability of clean-energy solutions.

“Ørsted has a strong foundation with unique capabilities, and I’m looking forward to taking the lead on the transformation necessary to navigate the headwinds that Ørsted and our industry currently face. Offshore wind remains crucial for the green transition, and we’re deeply committed to pursuing our vision of a world that runs entirely on green energy,” Errboe said upon taking the reins.

WORLD-CLASS EXPERTISE

Ørsted’s technical mastery shines through large-scale offshore roll-outs. Gode Wind 3 in Germany went commercial in March 2025, delivering 253 MW—enough to power around 250,000 homes. In typical Ørsted style, the project was co-developed with Nuveen Infrastructure. As Patrick Harnett, Ørsted COO, stated: “Offshore wind is a key technology in Germany’s transition to green energy. With the completion of Gode Wind 3, Ørsted now has five operational offshore wind farms in the German part of the North Sea, producing homegrown renewable energy at large scale.”

That brings Ørsted’s offshore wind capacity in Germany to a staggering 1.6 million households served—a testament to both scale and momentum. Work is already underway on the next big prize: Borkum Riffgrund 3. At 913 MW, it will be Germany’s largest offshore wind farm and aims to be ready by 2026—anchored in commercial power purchase agreements and built entirely subsidy-free.

Projects like Borkum Riffgrund 3 are more than just turbines in the water—they are symbols of Ørsted’s ability to move fast, adapt to policy frameworks, and remain competitive in an increasingly complex industry landscape.

However, Ørsted’s reach isn’t limited to sea: it’s making waves on land in Germany too. March 2025 saw major milestones for Bahren West I (50.4 MW) and its second phase, Bahren West II (61.6 MW), near the German–Polish border. The combined 112 MW onshore capacity will power up to 80,000 households once Bahren West II completes in 2027.

Globally, Ørsted now boasts 3.8 GW of installed onshore wind capacity, further underscoring the company’s commitment to delivering clean power where it’s needed most. These projects are particularly important for energy security in central Europe, and Ørsted’s blend of local engagement and technical precision is a hallmark of its strategy.

In the UK, Ørsted is proving its commitment to sustainability goes deeper than just megawatts. In February 2025, the firm launched recyclable monopile cover materials, advancing circular economy principles and cutting waste. These monopile covers, used in offshore jacket foundations, represent a first-of-its-kind application of thermoplastic elastomer composites in marine energy infrastructure.

This commitment to smart materials and product lifecycle efficiency is exactly the kind of forward thinking that will underpin the net-zero economy.

OPERATIONAL STRENGTH

Ørsted delivered a rock-solid Q1 2025 interim report in May: stable earnings, steady farm-downs, and the commissioning of Gode Wind 3. Errboe reflected: “I’m pleased with our operational performance and earnings in Q1 2025 and we remain fully focused on the execution of our four strategic priorities… We also continued to deliver on our construction portfolio as we commissioned our offshore wind farm Gode Wind 3 in Germany, reaching more than 10 GW of installed offshore capacity.”

This came even though the new CEO had to announce a halt on the highly anticipated Hornsea 4 development after supply-chain and inflation pressures made the project economically untenable. Errboe, a former Attorney and Finance MBA holder, noted: “Adverse macroeconomic developments, continued supply chain challenges, and increased execution, market and operational risks have eroded the value creation.”

Ørsted’s move to pull Hornsea 4 demonstrates strategic discipline—a willingness to shelve even high-profile opportunities if they no longer meet performance thresholds.

Errboe brings not only fresh perspective, but also a deep understanding of Ørsted’s European core. As former head of the European business unit, he oversaw landmark projects across the continent and played a pivotal role in Hornsea 3’s development.

He succeeds Mads Nipper, who had led the company since 2021. On his appointment, Errboe said: “It’s a great honour to take on the CEO role and the responsibility of leading Ørsted into the next phase… I believe we’re in a strong position to address the challenges currently facing our industry and to execute on our strategic priorities.”

Chair of the Board Thomas Thune Andersen added: “Rasmus is a great leader and the right person to ensure that we strengthen our core business, improve our profitability, and continue Ørsted’s journey as a global green energy leader.”

This leadership transition comes at a pivotal time. With global policy support for offshore wind stabilising after a turbulent few quarters, Ørsted’s steady hand will be crucial in navigating rising costs, increasing complexity, and continued competition.

CARBON CAPTURE & NET ZERO

Beyond wind, Ørsted is strengthening its green credentials. It has slashed scope 1 and 2 emissions intensity by 98% since 2006 and remains on course to reach net-zero by the end of 2025. In 2024, the company closed its final coal-fired plant and now generates 97% of its power from renewable sources.

In Denmark, Ørsted is leading the charge in carbon capture and storage. At Kalundborg, construction is underway on the Ørsted CO₂ Hub, Denmark’s first full-scale carbon capture facility. Ole Thomsen, Senior Vice President and Head of Bioenergy at Ørsted, said:

“By establishing a full CCS value chain, the ‘Ørsted Kalundborg CO₂ Hub’ marks the beginning of the Danish CCS adventure… It’s a key milestone that we’ve been working towards since beginning the construction.”

This facility will capture 430,000 tonnes of biogenic CO₂ annually, enabling Ørsted to lead in another crucial clean-tech vertical.

While Europe remains Ørsted’s core stage, its global ambition is hard to ignore. In Asia, the company is wrapping up construction of the Greater Changhua 2a, 2b and 4 projects in Taiwan, representing over 1.2 GW of capacity. Floating wind is also on the radar, as Ørsted explores deeper waters for future projects in Japan, Korea and beyond. In Poland, Baltica 2 and 3 are in development—set to contribute up to 2.75 GW of capacity to the country’s energy mix by 2029.

Every Ørsted project carries a strong local narrative. In Germany, Bahren West II supports regional development and grid independence. In the UK, Hornsea 3 is one of the most complex infrastructure efforts of its kind. The first offshore converter station set sail for Europe in April 2025, marking a major construction milestone. Local job creation, community outreach and biodiversity are top priorities. Ørsted’s 2024 Blue Bond Framework outlines plans for a net-positive biodiversity impact by 2030—through measures like artificial reefs and seabed restoration.

LOOKING AHEAD

Ørsted is operating on multiple frontiers: scaling offshore ambition in Europe, innovating in materials and CCS, growing onshore wind in Germany, and exporting green energy expertise across Asia and North America. Under Rasmus Errboe’s watch, the company has shown it can act with agility—delivering projects like Gode Wind 3, pivoting away from risk-heavy ventures like Hornsea 4, and sharpening its operational core.

The offshore transition isn’t without hurdles. Supply chain volatility, higher financing costs, and grid connection delays remain real. But Ørsted’s long-term tracking—over 10 GW of installed offshore wind, a near-total drop in operational emissions, and bold CCS investments—illustrates a business not just adapting to the energy transition, but driving it.

Hornsea 3 stands as one of Ørsted’s most iconic developments. But what the company achieves in Germany, Denmark, and beyond may well define its legacy: proving that large-scale renewables can deliver local jobs, strong returns, and deep decarbonisation—at scale and with speed.