Ørsted aims to achieve a gross installed renewable capacity of 35GW to 38GW by 2030. Credit: Equinor ASA.

Norwegian energy giant Equinor has acquired a 9.8% stake in Danish energy company Ørsted.

The current market value of Equinor’s holding in Ørsted is $2.5bn.

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Equinor becomes Ørsted’s second-largest shareholder.

The transaction involved the purchase of 41,197,344 shares and is subject to regulatory approvals under applicable foreign direct investment regulations.

Equinor is looking to slightly increase its ownership to 10%, pending these approvals, but has no plans to further increase the stake beyond this point.

Ørsted has a net renewable generation capacity of 10.4GW and is actively executing a portfolio of offshore wind projects totalling 7GW.

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Ørsted aims to achieve an ambitious gross installed renewable capacity of between 35GW and 38GW by 2030.

Equinor’s stake in Ørsted has been accumulated over time through a series of market purchases and a block trade.

Equinor CEO Anders Opedal stated: “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.

“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.”

In August 2024, Equinor and the Polish energy company Polenergia secured construction permits for both offshore and onshore work for the Baltyk offshore wind projects.

The development is vital for the final investment decision and the initiation of construction for the Baltyk 2 and Baltyk 3 projects in the Baltic Sea.