Onshore renewables, such as solar and onshore wind, play a pivotal role in the energy transition. They address and contribute to solving the energy trilemma, balancing energy security, affordability and decarbonisation.
Solar and onshore wind are the lowest-cost generation technologies which can be rapidly deployed. They currently dominate renewable installed capacity and are poised for further strong growth. According to Bloomberg New Energy Finance (BNEF), by 2050 solar and onshore wind are expected to represent respectively 28% and 27% of the total global power generation capacity.
As the share of renewables in the energy mix increases, battery energy storage systems (BESS) will be crucial, helping to mitigate the intermittent nature of renewable power. These systems store excess power generated, releasing it when the electricity grid needs it most. This improves supply security and protects the electricity system from price extremes. BESS also provides services that enhance grid resilience, allowing for more renewable energy sources to be integrated.
Our approach
Onshore renewables, together with offshore wind, represent two complementary pillars in Equinor’s renewables strategy. Onshore projects have shorter project cycles and are less capital intensive, making them easily scalable and capable of generating accelerated cash flow. Additionally, onshore projects can provide value uplift from taking merchant risks and trading.
Equinor’s strategy for onshore renewables is market driven, and we focus our activities on select markets in Europe and the Americas.
The onshore renewables business demands local knowledge and agility. To address these needs, we have developed a distinct business model based on acquiring local renewables companies in our select markets and transforming them into multi-tech power producers, supported by Equinor’s ownership and Danske Commodities trading capabilities.
Since 2021, Equinor has acquired several local companies, such as Wento in Poland, BeGreen in Northern Europe, East Point Energy in the US, and Rio Energy in Brazil.
The acquisitions allowed us to build a substantial project pipeline in select power markets, and welcomed around 350 new colleagues with renewable energy expertise and local knowledge, who develop and operate onshore renewable projects for Equinor.
Our portfolio
We are developing a diverse, multi-technology portfolio that includes solar, onshore wind and battery storage.
Currently, we have over 1 GW of equity capacity for projects that are either in production or under construction.
