October 08, 2024 [Storage Terminals Magazine]- Equinor ASA has acquired 41,197,344 shares in Orsted A/S, representing 9.8 percent of the company’s shares and voting rights. This move positions Equinor as Orsted’s second-largest shareholder, following the Danish State, which retains a controlling stake in the renewable energy giant.

“This is a counter-cyclical investment in a leading developer with a premium portfolio of offshore wind assets,” said Anders Opedal, CEO of Equinor. He emphasised that Equinor’s investment in Orsted aligns with the company’s long-term strategy of value-driven growth in renewables and complements its own offshore wind projects under development.

While Equinor supports Orsted’s strategy and management, it is not seeking board representation. Opedal reiterated confidence in the long-term outlook for offshore wind, despite current challenges facing the industry, and highlighted the crucial role it will play in the global energy transition.

Orsted has a net renewable generation capacity of approximately 10.4 GW and a gross portfolio of 7 GW in offshore wind projects under execution. The company aims to reach a gross installed renewable capacity of 35-38 GW by 2030.

Equinor’s USD 2.5 billion stake in Orsted was acquired through a combination of market purchases and a block trade, with the company planning to increase its ownership to 10 percent, subject to regulatory approvals. There are no further plans to increase the stake beyond that.

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