Equinor acquires 9.8% stake in Ørsted affirming offshore wind focus

Norwegian energy company Equinor has acquired a 9.8% stake in Danish offshore wind major Ørsted and now owns 41,197,344 of the shares and votes in the company.

Equinor is the second largest shareholder in Ørsted, after the Danish State, which holds a controlling stake in the company.

Anders Opedal, CEO of Equinor commented in a statement: “Equinor has a long-term perspective and will be a supportive owner in Ørsted. This is a counter-cyclical investment in a leading developer, and a premium portfolio of operating offshore wind assets. The exposure to producing assets complements Equinor’s operated offshore wind portfolio of large projects under development.”

Have your read?
TotalEnergies and RWE partner on 4GW offshore wind projects
ContourGlobal enters US market with 151MW solar acquisition

Equinor is not seeking board representation and has confirmed its support of Ørsted’s strategy and management.

“This investment is in line with Equinor’s strategy of value driven growth in renewables. 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 has a net renewable generation capacity of around 10.4GW, and a gross portfolio of offshore wind projects in execution of around 7GW. The company’s ambition is to achieve a gross installed renewable capacity of around 35 to 38GW by 2030.

Equinor’s ownership position has been built over time, through a combination of market purchases and a block trade. The current market value of Equinor’s holding in Ørsted is around $2.5 billion.

Subject to obtaining regulatory approvals under applicable Foreign Direct Investment regulations, Equinor intends to increase its ownership to 10%. There are currently no plans to further increase the stake.