Orsted plans $57 bln drive to be No.1 in green energy

ORSTED.CO

Orsted (ORSTED.CO), the world's largest offshore wind farm developer, is ramping up its investment in renewables to $57 billion by 2027, seeking to become a global leader in green energy and fend off growing competition.

The Danish firm, which sold its oil and gas business in 2017, has benefited hugely from policies to implement the 2015 Paris Agreement, a collective shot at limiting global warming.

But competition is heating up as utilities and energy firms, including oil majors such as Total (TOTF.PA), BP (BP.L) and Shell (RDSa.L), accelerate spending on renewables.