General view of the Walney Extension offshore wind farm operated by Orsted off the coast of Blackpool, Britain September 5, 2018. REUTERS/Phil Noble//File Photo
Norwegian energy giant Equinor ASA has made a significant move in the renewable energy sector by acquiring a 9.8% stake in Ørsted A/S, a leading offshore wind developer. The acquisition of 41,197,344 shares positions Equinor as the second-largest shareholder in the Danish company, just behind the Danish State.
“This is a counter-cyclical investment in a leading developer, and a premium portfolio of operating offshore wind assets,” said Anders Opedal, CEO of Equinor. “The exposure to producing assets complements Equinor’s operated offshore wind portfolio of large projects under development,” he added.
The transaction aligns with Equinor’s strategy of value-driven growth in renewables, despite challenges facing the industry.
“The offshore wind industry is currently facing a set of challenges, but we remain confident in the long-term outlook for the sector, and the crucial role offshore wind will play in the energy transition”, says Opedal.
Ørsted, a U.S. leader in offshore wind energy, boasts a net renewable generation capacity of approximately 10.4 GW and a gross portfolio of offshore wind projects in execution of around 7 GW. The company aims to achieve a gross installed renewable capacity of 35 to 38 GW by 2030.
The market value of Equinor’s holding in Ørsted is estimated at around USD 2.5 billion, based on recent market prices. Equinor plans to increase its ownership to 10%, subject to regulatory approvals, but has no current intentions to further expand its stake.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 110,236 members that receive our newsletter.
Have a news tip? Let us know.
Two of the world's biggest renewables players on Wednesday warned of challenges for the U.S. offshore wind sector under a presidency led by Donald Trump, flagging potential delays for the technology slammed by the president-elect.
Energy regulator Ofgem approved five new subsea power links from Great Britain to the continent and Ireland as the country seeks to profit from a boom in wind capacity and become a net electricity exporter by the end of the decade.
Hurricane Rafael may have fizzled out, but its lingering impact on Gulf oil and gas production continues. After Hurricane Rafael roared through the Gulf of Mexico last week, more than...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 110,236 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
