Equinor acquires 9.8% stake in Ørsted, becomes second-largest shareholder

(WO) — The transaction establishes Equinor as the second largest shareholder in Ørsted, after the Danish State, which holds a controlling stake in the company.

“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,” Anders Opedal, CEO of Equinor, said.

Equinor is supportive of Ørsted’s strategy and management and is not seeking board representation.

“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,” Opedal said.

Ørsted has a net renewable generation capacity of around 10.4 GW, and a gross portfolio of offshore wind projects in execution of around 7 GW. The company’s ambition is to achieve a gross installed renewable capacity of around 35 to 38 GW by 2030.

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.

This transaction will be executed within Equinor’s communicated financial framework.