Renewable energy giant Orsted has announced the appointment of Rasmus Errboe as Deputy CEO and Chief Commercial Officer (CCO) in a strategic move aimed at bolstering its leadership team.
Rasmus Errboe, who currently serves as interim CFO and previously held the position of CEO of Region Europe at Orsted, brings a wealth of experience and expertise to his new role.
The decision to appoint Errboe underscores Orsted’s commitment to maintaining its organizational structure with three distinct regions: Europe, Americas, and APAC. This strategic alignment is intended to reinforce the Orsted’s commercial and geographical focus as it continues to expand its global footprint in the renewable energy sector.
Effective April 1, 2024, Orsted’s Group Executive Team will comprise the following key executives:
Mads Nipper, Group President and Chief Executive Officer (CEO)
Rasmus Errboe, Deputy CEO and Chief Commercial Officer (CCO)
Trond Westlie, Executive Vice President and Chief Financial Officer (CFO)
Patrick Harnett, Executive Vice President and Chief Operating Officer (COO)
Henriette Fenger Ellekrog, Executive Vice President and Chief HR Officer (CHRO)
Under the new organizational structure, regional CEOs, the Head of Global Stakeholder Relations, and the Head of Strategy, Portfolio, Innovation & Digital will report directly to Rasmus Errboe, emphasizing the company’s focus on commercial excellence and strategic alignment.
Looking ahead, Orsted has plans to increase its installed renewable energy capacity, targeting a range of 35-38 GW by 2030. To support this growth trajectory, the company has earmarked investment program totaling DKK 270 billion over the period from 2024 to 2030, with an estimated investment of approximately DKK 130 billion by 2026.
In tandem with its expansion plans, Orsted aims to accelerate its divestment program, with farm-downs and divestments expected to generate proceeds of approximately DKK 115 billion by 2030. Notably, a significant portion of these proceeds, totaling DKK 70-80 billion, is anticipated to be realized between 2024 and 2026.
Furthermore, Orsted anticipates capital expenditure relief of approximately DKK 35 billion during the period from 2024 to 2026, resulting from project cancellations and adjustments in the phasing of capital expenditure across its portfolio. These adjustments reflect the company’s agile approach to capital allocation and its commitment to delivering long-term value to shareholders.
Baburajan Kizhakedath