The North Sea Renewables Group (NSRG), a consortium comprising Ørsted, E.ON, and Macquarie Asset Management, today announced the final investment decision (FID) for the 1.2-gigawatt (GW) Aurora Wind Farm, located in the Danish sector of the North Sea. This landmark project, valued at approximately €3.5 billion, represents a significant stride towards Europe's ambitious renewable energy targets and is poised to become one of the continent's largest operational offshore wind facilities upon completion.

The Aurora Wind Farm will feature 100 state-of-the-art 12-megawatt (MW) wind turbines, supplied by Siemens Gamesa Renewable Energy, designed to harness the robust wind resources of the North Sea. Once fully operational, the project is projected to generate enough clean electricity to power over 1.5 million European homes annually, offsetting an estimated 2.5 million tons of carbon dioxide emissions per year. Financing for the project has been secured through a combination of equity contributions from the consortium partners and a substantial green bond issuance, attracting major institutional investors and a syndicate of leading European banks, including BNP Paribas and Deutsche Bank.

Construction is slated to commence in the third quarter of 2024, with initial power generation expected by late 2027 and full commercial operation anticipated by the end of 2028. The project includes significant investments in grid infrastructure, including a new high-voltage direct current (HVDC) export cable connecting to the Danish national grid, ensuring efficient power transmission and minimizing curtailment risks.

"The Aurora Wind Farm is a testament to the collaborative spirit and unwavering commitment required to accelerate the energy transition," stated Lars Christensen, CEO of Ørsted Offshore Wind, in a press briefing. "This project not only underscores the economic viability of large-scale offshore wind but also reinforces Europe's leadership in sustainable energy development. Our robust financial backing reflects the market's confidence in offshore wind as a cornerstone of future energy security."

The European offshore wind market continues its rapid expansion, driven by supportive policy frameworks such as the EU's Green Deal and national energy strategies aiming for significant increases in installed capacity by 2030 and beyond. According to WindEurope, offshore wind capacity in Europe is projected to reach 100 GW by 2030, up from approximately 30 GW today. The Aurora project contributes substantially to this trajectory, demonstrating the scale of investment and technological advancement necessary to achieve these goals. Its development is expected to create thousands of direct and indirect jobs across the supply chain, from manufacturing and logistics to installation and maintenance, providing a significant economic boost to the region. This project builds upon the success of recent large-scale developments in the UK and Germany, further solidifying the North Sea's role as a global hub for offshore wind energy. The logistical challenges of wind turbine transport for such a large-scale project are being addressed through specialized port infrastructure upgrades and innovative vessel deployment strategies.

The successful financial close of Aurora Wind Farm sends a strong signal to the global investment community regarding the maturity and attractiveness of the offshore wind sector. It highlights the increasing appetite for sustainable infrastructure assets that offer stable, long-term returns while contributing to climate objectives.