OSLO (Reuters) – Norway’s Equinor stated on Monday it has purchased a 9.8% stake in Danish renewable power group Orsted (CSE:) valued at round $2.5 billion, making it the second largest shareholder after the federal government of Denmark.
Orsted’s share value rose on the information, buying and selling 2.8% larger at 1028 GMT, whereas Equinor’s shares fell by 2.3%.
Orsted didn’t instantly reply to a request for remark.
Equinor stated it had a long-term perspective on the funding however didn’t plan to lift its stake past 10%.
“This is a counter-cyclical investment in a leading developer, and a premium portfolio of operating offshore wind assets,” Equinor CEO Anders Opedal stated.
“The exposure to producing assets complements Equinor’s operated offshore wind portfolio of large projects under development,” he added.
Equinor is supportive of Orsted’s technique and administration, and isn’t looking for board illustration, the Norwegian group stated.
Equinor’s possession place was constructed over time, by means of a mix of market purchases and a block commerce, it added.
