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Investing in Windfarms in the Atlantic

12/01/2018

The M&G Global Listed Infrastructure fund invests in Ørsted, a global leader in offshore wind, the fastest-growing form of renewable power generation.
 

Infrastructure class: Economic
Infrastructure sub-sector: Utility
Country: Denmark

Ørsted is the global leader in offshore wind power. It is domiciled in Denmark but has a large asset base in the UK, where it currently operates nine wind farms and is in the process of constructing four more. Ørsted is at the forefront of society’s transformation towards renewables, having once been a fossil fuel-focused business – as reflected by the name under which it first listed on the Danish stockmarket in 2016, DONG (Danish Oil & Natural Gas) Energy.

Today, Ørsted has built more offshore wind farms than any other company worldwide. This position as global leader in its field comes with the tangible benefits of scale and expertise, allowing it to effectively capitalise on the expansion of offshore wind – the fastest-growing form of renewable power generation.

The company’s long-life offshore wind assets are governed by long-term contracts we believe they have significant underlying growth potential – both for the project pipeline and for financial returns. The business has maintained a conservative balance sheet by historically ‘risk sharing’ on large projects and divesting fully-valued project stakes. We do not believe the growth potential or the balance sheet to be fully reflected in the stock’s valuation, in our view making it a compelling renewable energy investment opportunity.

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