Renewable energy company Ørsted has agreed to buy Brookfield Renewable Ireland (BRI), valued at €571 million (£497m).
The move will allow Ørsted to enter the European onshore wind market.
Headquartered in Cork, Ireland, BRI has a portfolio of 389MW in operation and under construction, 149MW advanced development and more than 1GW of development pipeline in Ireland and the UK.
Mads Nipper, Group President and Chief Executive Officer of Ørsted said: “The European market for onshore wind power is expected to grow significantly in the coming years and with the acquisition of BRI, we get a strong platform that expands our presence in onshore renewables to Europe.”
Declan Flanagan, Chief Executive Officer of Ørsted’s Onshore Business Unit, said: “The Irish and UK onshore markets offer attractive fundamentals, projects at scale and value creation through a mix of development projects and repowering opportunities.”