Denmark’s offshore wind ambitions are “back on track”, according to Insurance and Pension Denmark (I&P Denmark), after bids were received for the government’s tender to establish 1.8GW of offshore wind capacity in the North Sea and Kattegat.

The industry organisation said the development marked an important step forward for Denmark’s green transition and would help restore investor confidence in Danish renewable energy projects.

I&P Denmark deputy director, Tom Vile Jensen, said it was “good news” that Denmark’s green transition was “back on track”.

“It shows that when we come together across politics, authorities, companies and investors, we can create a framework that once again makes it attractive to invest in Danish and green energy,” he stated.

The latest offshore wind tender follows concerns over previous rounds, which I&P Denmark said had failed to create sufficiently competitive or profitable conditions for offshore wind developers and institutional investors, including pension companies.

Vile Jensen argued that the latest progress was important not only for Denmark’s energy supply and competitiveness, but also for reducing reliance on fossil fuels.

He also highlighted Denmark’s potential in offshore wind and green hydrogen, particularly for exports to Germany.

“Denmark has a very special position, and we must understand how to exploit it,” he argued.

“With our enormous offshore wind potential and the development of green hydrogen for the German market, we can create a new, solid Danish business adventure that secures both jobs and significant income for Danish society in the long term.”

I&P Denmark noted that Danish pension companies have collectively invested DKK 385bn in the global green transition since the industry’s climate commitment was launched in 2019.

These investments include offshore wind projects, technology companies, and energy-efficiency improvements to the domestic building stock.

However, Vile Jensen stressed that pension providers must continue to balance climate ambitions with prudent risk management.

“F&P and the pension industry want to lead the way and invest in the necessary energy transition. But as a pension industry, we must also exercise due diligence,” he warned.

“Investments in large, renewable energy projects carry a different and more noticeable risk than other forms of investment.”

He added that future expansion of Danish offshore wind would likely depend heavily on exports to neighbouring countries, particularly Germany, as well as on the creation of a supportive framework for developer-led expansion projects in Denmark.

I&P Denmark also reiterated its support for stronger Danish-German energy cooperation, including projects such as Energiø Bornholm.

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