The Norwegian energy company Equinor, which owns 10 percent of Ørsted, will participate in the upcoming share issue in full, so that the company maintains its current ownership stake in Ørsted. The company writes this in a press release.
- Equinor's support for the share increase reflects confidence in Ørsted's underlying business and the competitiveness of offshore wind in the future energy mix in certain areas, the release states.
Equinor also writes here that it sees value in closer strategic cooperation between Ørsted and Equinor. The two companies have both ended up in a similar quandary in the US, where the Trump administration tried to slow down Equinor's construction of the Empire Wind offshore wind farm in the spring.
This was averted by the Norwegians, but Ørsted has since ended up in a similar situation, where the Americans have ordered a halt to construction on the Revolution Wind offshore wind farm. Here it is still unclear how and when work can resume.
A few weeks ago, Ørsted announced that it will carry out a share issue that will raise 60 billion kroner due to capital-intensive American offshore wind projects.
The new shares will initially be offered to existing shareholders, who will be given the opportunity to maintain their ownership stake if they are willing to invest more money in Ørsted.
The Danish state, which owns 50 percent of Ørsted, has already indicated that it is ready to contribute 30 billion kroner in connection with the issue. The share issue must be formally approved at an extraordinary general meeting on Friday.
Equinor is the result of a merger between the then Statoil and Norsk Hydro and extracts both oil and gas in the North Sea, and the company also produces renewable energy. The Norwegian state owns 67 percent of Equinor.
/ritzau/
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