Equinor to Sell Half of Its Arkona OWF Stake

Equinor has entered into an agreement to sell a 25% ownership interest in the Arkona offshore wind farm to funds advised by Credit Suisse Energy Infrastructure Partners AG.

Equinor currently holds a 50% interest in the wind farm, and after the transaction, RWE Renewables, following the takeover of E.ON Climate and Renewables, will remain the operator with a 50% interest.

The closing of the circa EUR 500 million transaction is subject to approval by relevant competition authorities and is expected to take place later in Q4 2019 including customary purchase price adjustments.

Credit Suisse Energy Infrastructure Partners said the investment represents its first in the offshore wind sector.

“This divestment demonstrates Equinor’s ability to realise value from the development of offshore wind projects. Active portfolio management through the project life cycle is an important part of our offshore wind strategy,” said Pål Eitrheim, Executive Vice President in New Energy Solutions in Equinor.

“Arkona was delivered under budget and on time and has had strong operational performance since start-up. Now the project is de-risked and in the early phase of operations, and we are pleased to welcome Credit Suisse Energy Infrastructure Partners as new partner.”

Arkona comprises 60 Siemens Gamesa 6MW turbines located 35km northeast of the island of Rügen in the German Baltic Sea. The 385MW offshore wind project was officially opened in mid-April.