Posted on May 18, 2026
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Ørsted (CPSE:ORSTED) has started installing foundations at the Baltica 2 offshore wind project in Poland.
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The company has also commissioned the first monopile foundation at Hornsea 3 in the UK, which is set to be the largest offshore wind farm in the world.
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These steps mark progress on two large European offshore wind projects in Ørsted’s portfolio.
For investors tracking the build out of renewables in Europe, these project milestones show Ørsted advancing key offshore assets that sit at the core of its business model. Baltica 2 and Hornsea 3 are part of a broader move by governments and utilities to expand offshore wind capacity as they seek to diversify energy supply and support decarbonisation goals.
As construction continues, attention will likely focus on execution timing, capital deployment and how these projects feed into future power generation once they reach full operation. For holders of CPSE:ORSTED, progress at Baltica 2 and Hornsea 3 may help frame questions around project delivery, contract structures and the role of large offshore wind clusters in regional energy systems.
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These construction milestones at Baltica 2 and Hornsea 3 signal that Ørsted is turning a sizeable offshore wind backlog into physical assets that can eventually contribute to revenue. Hornsea 3 alone involves 197 monopile foundations and is described as capable of supplying power to more than 3.3 million UK homes once fully built. For you as an investor, that scale highlights why project execution and contract terms matter as much as headline capacity. Ørsted reported sales of DKK 27,620 million and net income of DKK 2,323 million for the first quarter of 2026, compared with sales of DKK 20,705 million and net income of DKK 4,594 million a year earlier, so profitability has been more variable than top line. Large projects like Baltica 2 and Hornsea 3 can support future cash generation, but they also tie up capital and expose the company to cost, timing, and regulatory risks. In a competitive offshore wind sector that includes players such as RWE, Vestas, and SSE, progress on complex builds is one way Ørsted can show it is able to deliver on contracted projects and maintain its position in large-scale European offshore wind.
The Risks and Rewards Investors Should Consider
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Execution and construction risk on multi year offshore projects such as Baltica 2 and Hornsea 3, where delays or cost overruns could affect returns.
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Recent shareholder dilution has been flagged as a key risk, which may weigh on investor sentiment if further equity funding is required for growth.
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The company is involved in sizeable offshore projects that, once operational, can add contracted or relatively visible revenue from power generation.
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Analysts have highlighted two potential rewards, including expectations for earnings growth and indications that the stock may be trading below some fair value estimates.
What To Watch Going Forward
From here, it is worth watching whether Ørsted can keep installation rates at Baltica 2 and Hornsea 3 on schedule, manage project costs, and maintain stable contract terms with offtakers as more capacity comes online. Investors may also want to track how future quarters balance sales and net income, given the first quarter of 2026 showed higher sales but lower net income than the prior year. Any further capital raising, shifts in government support frameworks, or changes in competitive behavior from peers such as RWE and SSE could also influence the risk and reward balance for Ørsted’s offshore wind build out.
