Orsted A/S is entering the UK solar market with a plan to build one of the country’s largest sun-power projects.
(Bloomberg) — Orsted A/S is entering the UK solar market with a plan to build one of the country’s largest sun-power projects.
Solar energy was one of the biggest winners of the latest UK government auction for renewables, accounting for more than half of the clean-energy capacity awarded. Orsted is gaining a foothold in the industry as its offshore-wind endeavors are weighed down by soaring costs and supply-chain delays.
The One Earth Solar Farm in Nottinghamshire will generate 740 megawatts when it comes online later this decade — enough to power as many as 200,000 homes, the Danish company said Wednesday. The project will double Orsted’s solar capacity globally.
Britain has a target to boost solar almost fivefold by 2035. Unlike offshore wind, which failed to attract any bids in the latest auction round as developers grappled with mounting costs, solar components are getting cheaper thanks to Chinese supply. Researcher BloombergNEF expects more than 2.5 gigawatts to be installed in the UK this year, more than double the amount added in 2022.
Orsted didn’t bid in the latest renewables round. It has had a turbulent few months, with supply-chain glitches and high interest rates hampering its offshore wind plans, particularly in the US. The company’s shares have tumbled 40% this year.
The firm will start building the solar farm — which will also have battery storage — later this month, subject to “local and stakeholder consultation.” The project is being developed with PS renewables.
–With assistance from Christian Wienberg.
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