The transaction establishes Equinor as the second largest shareholder in Ørsted, after the Danish State, which holds a controlling stake in the company.
A. Opedal, CEO of Equinor said:
- 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.
A. Opedal said:
- 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.
The company’s ambition is to achieve a gross installed renewable capacity of around 35 to 38 GW by 2030.
Equinor’s ownership position has been built over time, through a combination of market purchases and a block trade.
The current market value of Equinor’s holding in Ørsted is around USD 2.5bn, based on a closing price Friday 4 October of DKK 418 per share and a USD/DKK exchange rate of 6.8.
Subject to obtaining regulatory approvals under applicable Foreign Direct Investment regulations, Equinor intends to increase its ownership to 10%.
There are currently no plans to further increase the stake.
The transaction will be executed within Equinor’s communicated financial framework.
