The translation of the heading to English is: "Equinor makes a big entry into Ørsted: A turn in the wind.

  • Equinor acquires 10% of Ørsted and becomes the second largest shareholder.
  • Equinor plans significant expansion of renewable energy capacity by 2030.

Eulerpool News·

Norway's state-controlled oil and gas company Equinor has recently taken a significant step towards renewable energy by acquiring a 10 percent stake in Denmark's Ørsted. This positions Equinor as the second-largest shareholder of the world's largest offshore wind farm developer, right after the Danish government. Anders Opedal, CEO of Equinor, explained that this stake, valued at approximately $2.5 billion, was built up over an extended period. It is an essential part of Equinor's growing strategy in renewable energy. Opedal emphasized that Equinor is long-term oriented and will support Ørsted as an involved owner. The decision carries a counter-cyclical character and focuses on a top-tier portfolio of already operated offshore wind projects. Despite recent challenges, including setbacks in U.S. expansion and postponed dividend payments until at least 2025, Ørsted remains a leading player in the renewable energy sector. The news of Equinor's entry caused Ørsted's shares, which had lost almost 70 percent since their peak in 2021, to rise by 3 percent. In contrast, Equinor's shares experienced a 2 percent decline. Equinor emphasized that it currently has no plans to increase its stake beyond 10 percent and does not intend to seek a board seat. Despite the challenges facing the offshore wind industry, Equinor remains confident in the long-term prospects and the critical role of this energy form in the energy transition. However, the company faces criticism from environmentalists who expect a slower development compared to their ambitions. Equinor aims to develop between 12 and 16 gigawatts of renewable capacity by 2030, a significant leap from less than one gigawatt at the end of 2023.
EULERPOOL DATA & ANALYTICS

Make smarter decisions faster with the world's premier financial data

Eulerpool Data & Analytics