Equinor has voiced its support for a rights issue proposed by Ørsted. The energy company plans to participate in the offering to maintain its existing 10% ownership share in the offshore wind developer.
The decision follows discussions between the two companies. Equinor believes the rights issue will strengthen Ørsted‘s financial position, helping it navigate current industry challenges.
This investment underscores Equinor‘s confidence in Ørsted‘s business model and the long-term prospects of offshore wind energy, particularly in specific geographic markets.
Equinor‘s commitment extends beyond financial support. The company intends to nominate a candidate for Ørsted‘s board of directors before the next annual general meeting.
The energy landscape is undergoing significant change. Equinor anticipates industry consolidation and the emergence of new business models within the offshore wind sector. The company believes that closer collaboration between Equinor and Ørsted will benefit both companies’ shareholders.
Equinor is closely monitoring developments in the US offshore wind market and will continue to engage with Ørsted as the situation unfolds.
Equinor‘s planned investment in the rights issue is estimated at up to DKK 6 billion, approximately USD 939 million, based on a current exchange rate. This investment aligns with Equinor‘s existing financial framework and its commitment to shareholder returns.
Equinor‘s own offshore wind portfolio includes 0.4 GW of installed capacity and a further 3.0 GW under development. The company is focused on completing projects in Northwest Europe and the Empire Wind 1 project in the US.
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