Equinor has acquired a 9.8% stake in Danish renewable energy developer Orsted, establishing itself as the company's second-largest shareholder after the Danish state. The transaction involves the purchase of 41,197,344 shares, amounting to an estimated market value of $2.5 billion.
Equinor, aiming to slightly increase its ownership to 10%, is awaiting regulatory approvals under applicable Foreign Direct Investment regulations. However, the company has no immediate plans to expand its stake beyond this threshold.
Equinor CEO Anders Opedal emphasized the strategic nature of the acquisition, describing it as a “counter-cyclical investment in a leading developer, and a premium portfolio of operating offshore wind assets.” He further noted, “Equinor has a long-term perspective and will be a supportive owner in Orsted.”
Opedal highlighted that this acquisition aligns with Equinor's strategy of value-driven growth in renewables, stating, “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.”
While Equinor supports Orsted's current management and strategy, it does not intend to seek board representation. The acquisition provides Equinor with exposure to Orsted's portfolio, which includes a net renewable generation capacity of approximately 10.4GW and a development pipeline of 7GW of offshore wind projects.
Orsted has set a goal to reach a gross installed renewable capacity of around 35-38GW by 2030, a target that complements Equinor's own renewable energy ambitions.
