The governments of Norway and Denmark play a major role: the Norwegian energy group Equinor has secured second place among the shareholders of the Danish energy group Ørsted through a new share package. Both companies are very active in the offshore market.
The listed group Equinor – the state of Norway holds two-thirds of the shares – has acquired 41,197,344 shares in Ørsted, corresponding to 9.8% of the company’s shares and votes, according to its own information.
With this transaction, Equinor becomes Ørsted’s second-largest shareholder after the Danish state, which holds a majority stake in the company: “Equinor has a long-term perspective and will be a supportive owner of Ørsted. It is a counter-cyclical investment in a leading developer and a world-class portfolio of offshore wind turbines. The exposure to producing assets complements Equinor’s offshore wind portfolio with large projects under development,” says Anders Opedal, CEO of Equinor.
Equinor support Ørsted’s strategy
Subject to regulatory approvals under the applicable foreign direct investment rules, Equinor intends to increase its stake to 10%. There are currently no plans to increase the stake further.
The Norwegians reportedly support Ørsted’s strategy and management and are not seeking board representation. “This investment is in line with Equinor’s strategy of value-driven growth in the renewable energy sector. The offshore wind industry is currently facing a number of challenges, but we remain confident about the long-term prospects of the sector and the crucial role of offshore wind in the energy transition,” Opedal said.
Ørsted has a net renewable power generation capacity of around 10.4 GW and a gross portfolio of offshore wind projects under execution of around 7 GW. The company’s goal is to reach a gross installed capacity of 35 to 38 GW by 2030.
