First steps forward for Ørsted’s Race Bank Extension offshore wind farm
Ørsted has received approval from The Crown Estate to progress its Race Bank Extension offshore wind farm.
The current Race Bank offshore wind farm, located off the North Norfolk coast and operated from Ørsted’s East Coast Hub in Grimsby, was officially opened in June this year. It is capable of powering over half a million UK homes from its 573 megawatts (MW) capacity.
The proposed Race Bank Extension project would be located adjacent to the existing wind farm. While still in the early stages of development, Race Bank Extension could generate another 573 MW of green electricity.
Matthew Wright, UK Managing Director for Ørsted, said:
“Race Bank Extension is a great addition to our pipeline of development projects in the UK. We already have 11 operational UK offshore wind farms, generating enough green electricity to power over 3 million homes.
“Offshore wind can be the backbone of our energy system and securing another potential project underlines Ørsted’s continued commitment to the UK’s energy transition.
“The current Race Bank project, featuring the first ever turbine blades to be manufactured in Hull, is already generating enough green electricity for half a million homes, and this extension could add further capacity to our operation on the east coast.”
Race Bank Extension is a joint venture between Ørsted (70%), Green Investment Group (17.5%) and Sumitomo Corporation (12.5%).
The project will now be subject to a plan level Habitats Regulations Assessment (HRA) which will assess any possible impact on relevant nature conservation sites of European importance. The plan level HRA will be undertaken by The Crown Estate over the next six to nine months.
Subject to the outcome of the plan level HRA, construction activities for Race Bank Extension will commence post 2020, dependent on the project preparing the relevant environmental assessments and consultation processes prior to securing a Development Consent Order (DCO). The project is separate to the existing Race Bank offshore wind farm and given it has a proposed electricity generation of more than 100 MW, it is classed as a Nationally Significant Infrastructure Project (NSIP) under the Planning Act 2008.
The exact size and layout of Race Bank Extension (including the number and size of turbines) will be finalised during the upcoming development period.
Subject to all necessary consents being granted, Race Bank Extension will be able to participate in future auctions for the Contracts for Difference (CfD) scheme.
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs and operates offshore wind farms, bioenergy plants and innovative waste-to-energy solutions, and provides smart energy products to its customers. Headquartered in Denmark, Ørsted employs 5,600 people, including over 900 in the UK. Ørsted’s shares are listed on Nasdaq Copenhagen (Orsted). In 2017, the group’s revenue was DKK 59.5 billion (EUR 8.0 billion). For more information on Ørsted, visit orsted.co.uk or follow us on Facebook, LinkedIn, Instagram and Twitter.
About Green Investment Group and Macquarie Group
Green Investment Group Limited (GIG) is a specialist in green infrastructure principal investment, project delivery and the management of portfolio assets, and related services. Its track record, expertise and capability make it a global leader in green investment, dedicated to supporting the growth of the global green economy.
The business was launched initially by the UK Government in 2012 as the first institution of its type in the world. The organization was acquired by Macquarie Group in 2017, creating one of Europe’s largest teams of dedicated green infrastructure investors, and now operates under the name Green Investment Group.
Macquarie Group is a global provider of banking, financial, advisory, investment and funds management services. Founded in 1969, Macquarie employs more than 14,400 people in over 25 countries. At 31 March 2018, Macquarie had assets under management of $A496.7 billion.
About Sumitomo Corporation
Sumitomo Corporation (“SC”) is a leading Fortune 500 global trading and business investment company with 108 locations in 65 countries and 22 locations in Japan. The entire SC Group consists of more than 900 companies. SC conducts commodity transactions in all industries utilizing worldwide networks, provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in companies to promote greater growth potential. SC’s core business areas include Metal Products, Transportation and Construction Systems, Infrastructure, Media and ICT, Living Related and Real Estate, Mineral Resources, Energy, and Chemical and Electronics.