Equinor Acquires 9.8% Stake in Ørsted, Strengthens Position in Offshore Wind Sector

Equinor ASA has acquired 41,197,344 shares in Ørsted A/S, corresponding to 9.8% of the company’s shares and voting rights, making it the second-largest shareholder after the Danish State, which retains a controlling interest.

Strategic Investment in Renewable Energy

Equinor’s CEO, Anders Opedal, described the acquisition as a strategic, counter-cyclical investment in Ørsted, a global leader in offshore wind energy. The purchase aligns with Equinor’s renewable energy growth strategy, complementing its existing portfolio of offshore wind projects under development. Equinor is not seeking board representation and intends to be a supportive long-term owner.

Long-Term Confidence in Offshore Wind

Despite the challenges faced by the offshore wind sector, Equinor remains confident in its long-term potential, viewing offshore wind as a critical component of the global energy transition. Ørsted currently boasts a net renewable generation capacity of approximately 10.4 GW, with a gross portfolio of 7 GW of offshore wind projects under execution, aiming to reach 35 to 38 GW of installed capacity by 2030.

Market Value and Future Plans

Equinor’s stake, valued at approximately USD 2.5 billion, was built through market purchases and a block trade. Equinor plans to increase its ownership to 10%, pending regulatory approvals, but has no intention of further expanding its stake beyond that threshold. This transaction falls within Equinor’s previously established financial framework.