Capturing renewable business opportunities
As the world’s population grows and becomes more prosperous, we need to provide more energy to heat and light homes, fuel transport and power the economy while reducing emissions of greenhouse gases. This is creating exciting new business opportunities for us.
Equinor is actively seizing these opportunities by building on decades of experience in oil and gas.
We are already innovators in offshore wind and a world leader in carbon capture and storage.
Our ambition is to grow profitably and potentially expand into other sources of renewable energy. We believe that energy must not only be secure and sustainable, but also competitive. We are working tirelessly to develop reliable new energy solutions that are both green and cost-efficient.
Our offshore wind portfolio
We already operate three wind farms off the coast of the UK, and we are engaged in further large-scale wind projects offshore the UK, Germany, and the US. We’re also pioneering innovation in offshore wind solutions for deeper waters. Hywind is at the forefront of this exciting new market.
Sheringham Shoal (UK)
Production since 2011
Our first large-scale commercial offshore wind investment. Enough clean energy to power around 220,000 British homes.
Production started in 2017
A new large-scale offshore wind farm off the Norfolk coast. Enough clean energy to power around 410,000 British homes.
Production started in 2017
The world’s first floating offshore wind park. A pilot park with enough clean energy to power around 20,000 homes in Scotland.
Production start 2019
A new large-scale offshore wind park. Enough clean energy to power almost 400,000 German homes.
Dogger Bank (uk)
The largest zone for UK offshore wind farms. Development consent for an agreed target to potentially power almost 5 million British homes.
Hywind demo (Norway)
Production since 2009
The world’s first full-scale floating wind turbine. Verifying a unique floating offshore wind concept for six years in the North Sea.
Empire Wind (USA)
Estimated first power: 2025
Empire Wind is an offshore wind farm planned off Long Island, New York that could power about 1 million homes.
Driving innovation in offshore wind
Offshore wind was a natural move for us. Today, we’re taking our decades of offshore experience and combining known technologies in new ways to make wind energy possible in deep waters worldwide. We’re not just investors in offshore wind—we’re innovators.
Solar Photovoltaic (PV) installed capacity has grown approximately 50% per year globally over the last 15 years, with 300 GW installed capacity at the end of 2016. It is anticipated to be a major source of renewable power in the future with continued high growth, particularly in emerging markets.
Bloomberg New Energy Finance estimates that by 2040 around 34% of electricity will come from intermittent renewables, of which solar power will account for a third.
In October 2017, we signed an agreement to acquire a 40 % share in the construction ready 162MW Apodi solar asset in Brazil from Scatec Solar, a Norwegian independent solar power producer. The project will provide approximately 160,000 households with electricity. Equinor and Scatec Solar have also agreed on an exclusive cooperation to jointly develop potential future solar projects in Brazil.
In addition, Equinor Energy Ventures has invested in two new companies within the field of solar energy. Convergent Energy + Power develops energy storage assets in the utility and industrial sector; Oxford PV, is a solar technology company.
A world leader in carbon capture and storage
We are a world leader in carbon capture and storage (CCS). CCS is about removing carbon from gases and storing it safely to prevent it from contributing to climate change.
We see CCS as the leading technology for decarbonising fossil fuels and an important long-term measure for reducing CO2 emissions globally. CCS also has significant economic advantages that include extending current operations, carbon reuse in fuel, chemical technologies and export opportunities. Having worked on this pioneering technology since the 1990s, we have played an important role in getting CCS to where it is today. We continue to work towards the goal of commercial CCS and evaluate opportunities to reduce our own CO2 emissions and explore profitable Enhanced Oil Recovery (EOR) possibilities.
Our CCS projects
We have decades of experience from CCS projects of various sizes, successfully maturing the technology from the R&D stage to operations, putting us in a leading position to contribute towards the goal of making CCS reach commercial scale.
By sharing our research and expertise with research institutions, academia, other companies and authorities we also contribute to the further development of CCS worldwide.
OFFSHORE CO2 STORAGE IN NORWAY
We are currently carrying out a feasibility study regarding CO2 storage on the Norwegian Continental Shelf (NCS) on behalf of the Norwegian Ministry of Petroleum and Energy
Operational since 1996
We capture about 1 million tonnes of CO2 each year from the natural gas on the Equinor-operated Sleipner field in the Norwegian sector of the North Sea. The CO2 is stored in a saline formation 1 km below the seabed.
First CO2 injected in 2008
The Equinor-operated Snøhvit field in the Norwegian sector of the Barents Sea supplies gas to the world’s first LNG plant with CO2 capture and storage.
Start-up in 2004
Our involvement in the Algerian gas field In Salah is so far the only project outside Norway where we have helped capture and store CO2. More than three million tonnes of CO2 have been stored below ground. The injection of CO2 was stopped in 2011 due to capacity limitation in the geological structure.
Technology Centre Mongstad
Operational since 2012
A world-leading technology centre for CO2 capture technology. We were the operator during the construction phase and are now a partner and responsible for operations.
What about other renewable technologies?
We expect strong demand growth for renewables over the next decades, and have established a new business area for New Energy Solutions to drive further profitable growth within these areas.
Going forward, our ambition is to grow and possibly expand into other areas of renewable energy, focusing on delivering attractive returns through technology and business innovation. We believe that our decades of experience from the oil and gas industry make us well-placed to transfer our expertise to these growing markets.
While our current emphasis is on wind and CCS, we are continuously reviewing potential new business opportunities. In New Energy Solutions, we focus on opportunities which match competitive technologies with attractive markets and profitable business models. In addition, we prioritize opportunities where our core competences can create competitive advantages and increase value creation.
We offer a wide toolbox to develop the best investment opportunities, ranging from traditional business development to venture capital investments, research and development, and even an innovation lab. A more detailed plan for this business is being developed as an integrated part of our strategy.
Equinor Energy Ventures
Equinor Energy Ventures is our venture capital fund dedicated to investing in attractive and ambitious growth companies in renewable energy, supporting our strategy of growth in new energy solutions. The fund will invest up to USD 200 million (around NOK 1.7 billion) over a period of four to seven years.
Energy Perspectives and the role of renewables
We recognise the strong role renewable energy sources will play in the future, and examine this more closely in our annual Energy Perspectives Report.
Energy Perspectives is an independent report prepared by Equinor analysts, describing three possible development paths for the world economy, international energy markets and energy-related greenhouse gas emissions.