ENERGY giant Equinor has invested £2 billion in the offshore wind developer behind two significant North Sea projects, aiming to expand its renewable energy holdings.
This move positions Equinor as the second-largest shareholder in Ørsted, following the Danish State, which owns a majority stake in the company.
Equinor CEO Anders Opedal has stated that this acquisition is a strategic long-term commitment to the sector, emphasising its pivotal role in the shift towards renewable energy.
Ørsted boasts a total renewable energy generation capacity of approximately 10.4 GW and is currently constructing offshore wind projects totaling around 7 GW.
Equinor’s investment includes the Salamander Offshore Wind Farm, a collaboration with Orsted, Simply Blue Group, and Subsea 7, located 35 km off the coast of Peterhead. This project is a part of Crown Estate Scotland’s Innovation and Targeted Oil and Gas (INTOG) leasing initiative.
Additionally, Ørsted is advancing the development of the Stromar Floating Offshore Windfarm in Caithness, in partnership with Blue Float Energy and Nadara.
Mr 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.”
Meanwhile, BP has reportedly shifted its strategy away from reducing oil and gas production by 2030, as CEO Murray Auchincloss scales back the company’s focus on the energy transition to restore investor confidence.
According to Reuters, BP is now focusing on making several new investments in the Middle East and the Gulf of Mexico to increase its oil and gas output.
Mr. Auchinloss, who was previously BP’s finance chief, aims to move away from the strategy of his predecessor Bernard Looney, who prioritised the energy transition. Instead, Mr. Auchinloss intends to concentrate on profitability and investing in the most lucrative ventures, with a primary emphasis on oil and gas. The company still aims to achieve net-zero emissions by 2050.
