Equinor has acquired a 9.8 per cent stake in Ørsted, making it the second largest shareholder after the Danish State, which holds a controlling stake in the company.

The acquisition will not mean that Equinor will seek to change the existing strategy or management of the company and is not seeking board representation.

“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”, said Anders Opedal, CEO of Equinor.

Ørsted has a net renewable generation capacity of around 10.4GW, and a gross portfolio of offshore wind projects in execution of around 7GW. The company’s ambition is to achieve a gross installed renewable capacity of around 35 to 38GW by 2030.

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