Equinor continues to scale back its renewables portfolio
Equinor has sold an 8.07% stake in Norwegian renewable energy solutions provider Scatec at Nkr125 ($13.16) per share, generating around Nkr1.6 billion ($168.55 million).
Following the transaction, Equinor will retain an 8.05% stake in Scatec and has agreed to a 90-day lock-up period on its remaining shares.
Equinor first became a minority shareholder in 2018 and increased its stake to 16.12% through acquisitions between 2019 and 2023, at an average cost of around Nkr80 per share, including dividends.
The partnership between Scatec and Equinor on the Apodi and Mendubim solar projects in Brazil remains unchanged by this transaction.
Scatec focuses on expanding access to reliable and affordable clean energy in emerging markets.
As a long-term participant in the sector, the company develops, constructs, owns and operates renewable energy facilities, with a capacity of 6.2GW currently operational and under construction across five continents.
The move to reduce its ownership in Scatec can be seen as part of a larger move away from renewables. Equinor recently lowered its 2030 renewables capacity ambitions; reduced capital expenditure on renewables/low-carbon solutions; and prioritized “capital discipline” and higher-return oil and gas projects amid challenging market conditions for renewables – including higher costs, supply chain issues, and lower profitability.
This aligns with a trend among some European energy majors reassessing aggressive renewables expansion due to economic pressures and a renewed focus on energy security/hydrocarbons.
But Equinor is not abandoning the renewables market. In September 2025, Equinor announced that it intends to maintain its 10% stake in Ørsted by participating in the upcoming rights issue proposed by Ørsted’s board.
The decision aligns with Equinor’s strategy as a long-term industrial shareholder and underscores its commitment to strengthening Ørsted’s financial position amid current industry challenges.
And, Equinor says that it will continue to partner with Scatec on operating solar assets in Brazil (Apodi and Mendubim), so this is a financial stake reduction, not a full exit from their collaboration.
About the Author
Bruce Beaubouef
Managing Editor
Bruce Beaubouef is Managing Editor for Offshore magazine. In that capacity, he plans and oversees content for the magazine; writes features on technologies and trends for the magazine; writes news updates for the website; creates and moderates topical webinars; and creates videos that focus on offshore oil and gas and renewable energies. Beaubouef has been in the oil and gas trade media for 25 years, starting out as Editor of Hart’s Pipeline Digest in 1998. From there, he went on to serve as Associate Editor for Pipe Line and Gas Industry for Gulf Publishing for four years before rejoining Hart Publications as Editor of PipeLine and Gas Technology in 2003. He joined Offshore magazine as Managing Editor in 2010, at that time owned by PennWell Corp. Beaubouef earned his Ph.D. at the University of Houston in 1997, and his dissertation was published in book form by Texas A&M University Press in September 2007 as The Strategic Petroleum Reserve: U.S. Energy Security and Oil Politics, 1975-2005.