Driving development of offshore wind
Here’s a few of the projects we’re currently working on:
We know that the world’s energy system must be transformed in a profound way to achieve decarbonisation. It is a shared challenge, and our industry can play an important role. We strive to become a leading company in the energy transition.
To achieve this, we will step up our investments in renewables and low carbon solutions to more than 50 percent of gross annual investments by 2030, up from 4 percent in 2020. We will also reach a net installed renewables capacity of 12 to 16 GW by 2030, with a total investment in renewables and low carbon solutions of ~23 billion USD between 2021 and 2026.
More than 50%
of our gross investments in 2030
~23 billion USD
invested in the period between 2021 and 2026
1 million homes
we produce renewable energy equivalent to the need of a million homes
Our renewables story
In 2015 Equinor established a dedicated business area for renewables. Six years later we’re well underway to deliver profitable growth in renewables and becoming a leading company in the energy transition.
Today we are continuing to build material offshore wind clusters in the UK, the US and in the Baltic Sea. We are also present in Germany, Japan, South Korea and Norway. Additionally, we are developing our solar energy portfolio, currently in Brazil, Argentina and Poland.
We have long experience with offshore wind power in the UK, having already built and put into operation Sheringham Shoal, Dudgeon and Hywind Scotland, the world’s first floating offshore wind farm. We’re partnering with SSE Renewables and Eni to deliver Dogger Bank – the world’s biggest offshore wind farm and an important milestone in delivering UK’s Offshore Wind Sector Deal ambitions and decarbonisation goals.
The East Coast is one of the most attractive growth markets for offshore wind in the world. Here we are developing Empire and Beacon Wind, together with bp through our 50/50 strategic partnership in the USA, to deliver homegrown, renewable electricity to New York. The wind farms represent a game-changer for Equinor’s offshore wind business in the USA and demonstrate our commitment to be a leading company in the energy transition.
The Baltic Sea
In the period 2018-2019, we signed agreements with Polenergia to acquire a 50 percent interest in the early-phase offshore wind development projects MFW Bałtyk I, MFW Bałtyk II and MFW Bałtyk III. In 2021 we acquired the polish renewables company Wento with its 1.6 GW solar project pipeline.
Onshore renewables and storage
We are building material positions in photovoltaic solar in South America and Poland and we hold positions in some of the world’s largest green hydrogen projects in Germany and the Netherlands.
Together with the power trading capabilities of our subsidiary Danske Commodities, we are building a platform to capture value in attractive power markets through positions in low-cost renewables. This is what we refer to as being a market driven power producer.