Norway’s Equinor buys 9.8% stake in offshore wind giant Ørsted
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The news: Norway’s Equinor has acquired a 9.8% stake valued at approximately USD2.5 billion ($3.7 billion) in Danish offshore wind developer Ørsted, positioning it as Ørsted’s second-largest shareholder after the Danish government.
The context: The investment, Equinor said, is part of its long-term strategy to expand its renewables portfolio, with the company targeting 12-16 gigawatts of renewable energy capacity by 2030.
It has no current plans to increase its stake beyond 10% or seek board representation, it said.
Ørsted, meanwhile, has struggled recently due to cost surges and project delays, leading to major writedowns and a suspension of its dividend until at least 2025. The company, however, remains supported by the Danish government, which holds a 51% stake.
The numbers: Ørsted’s shares rose 6% following the announcement, while Equinor’s fell by as much as 4.4%.
What they said: “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,” Equinor’s CEO Anders Opedal said.
The sources: Equinor statement , FT
