Germany

Germany

Equinor halves Arkona share

Norwegian state-owned energy firm Equinor has sold a 25% stake in the 378MW Arkona offshore wind project in the German North Sea to Credit Suisse Energy Infrastructure Partners.

Arkona is installed in the German North Sea (pic: Eskil Eriksen/Equinor)
Arkona is installed in the German North Sea (pic: Eskil Eriksen/Equinor)

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Equinor owned a 50% share of the project, which was completed in October 2018. It will now own 25%, alongside the funds managed by Credit Suisse, while the remaining 50% is owned by RWE Renewables after the merger deal with E.on.

Equinor, then Statoil, joined the project in 2016 after acquiring the stake from then-developer E.on. It was Equinor’s first investment in German offshore wind.

"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," said Pål Eitrheim, executive vice president of new energy solutions at Equinor.

Eitrheim said the transaction allows the firm to "realise value" from the project as "active portfolio management" was an important part of its strategy.

The move will unlock capital that could be invested in other Equinor projects, such as the Creyke Beck A, Creyke Beck B and Teesside A 1.2GW projects that secured support deals in the UK last month or investigating the potential of offshore wind projects in China.

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