Home Economy Economic Activity SEC filing of the week: Equinor buys 10% stake in Orsted

SEC filing of the week: Equinor buys 10% stake in Orsted

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PBN Staff

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10/11/2024

Climate Change States — EQUINOR ASA has become a major shareholder of Orsted A/S, the Danish company that is developing a pair of offshore wind farms that will help power Rhode Island. / ASSOCIATED PRESS FILE PHOTO/MICHAEL DWYER

PROVIDENCE – Equinor ASA has become the second-largest shareholder of Orsted A/S, the Danish company that is developing a pair of offshore wind farms that will help power Rhode Island. In its SEC filing on Oct. 7, Equinor said it now owns 42 million shares, or 10%, of Orsted at a market rate of $2.5

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PROVIDENCE – Equinor ASA has become the second-largest shareholder of Orsted A/S, the Danish company that is developing a pair of offshore wind farms that will help power Rhode Island. In its SEC filing on Oct. 7, Equinor said it now owns 42 million shares, or 10%, of Orsted at a market rate of $2.5 billion. Equinor said it is supportive of Orsted’s strategy and management and it’s not seeking board representation. The Danish state is Orsted's largest shareholder with a 51% stake in the company. “Equinor has a long-term perspective and will be a supportive owner in Orsted,” said Anders Opedal, CEO of Equinor. “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.” Orsted has already begun constructing Revolution Wind, a 704-megawatt farm located about 17 miles off the Rhode Island coast that will provide renewable energy to Rhode Island, Massachusetts and Connecticut. The project, initially slated for completion in 2025, has been delayed to 2026 due to construction obstacles, which Orsted said will also increase expenses. In March, Orsted also proposed Starboard Wind, a 1,184-megawatt development off Block Island that would serve Rhode Island and Connecticut. Orsted says that the Starboard Wind project would create at least 3,800 full-time jobs, with “nearly all” based in Rhode Island. This workforce would include 100 union construction jobs at ProvPort. In an SEC filing on Sept 30, Eversource announced it finalized selling its 50% stake in Revolution Wind to Global Infrastructure Partners for $745 million. This transaction was completed before Black Rock Inc. acquired Global Infrastructure Partners for more than $3 billion later that same day. “We’re excited for our new partnership with Global Infrastructure Partners on South Fork Wind and Revolution Wind, two projects that are historic, as well as central to America’s energy priorities,” said David Hardy, group executive vice president and CEO Americas at Orsted. “GIP is a trusted and longstanding global Orsted partner and brings world-class experience to the U.S. offshore wind industry."