Equinor earns $1.4bn from offshore wind equity sales

Norwegian firms makes progress on electrification of offshore operations and Norwegian CCS project

Norway’s Equinor has boosted its first-quarter income from renewables with a $1.4bn one-off capital gain from the sale of equity stakes in offshore wind farms in the US and the UK. The gain came on divestments of 50pc non-operated stakes in the Empire Wind and Beacon offshore projects in the US and a 10pc stake in the equity interest in the UK Dogger Bank A and B offshore projects. “Equinor aims to be a leader in the energy transition” Opedal, Equinor Aside from the one-off gain, net income from renewables in the first quarter was $24mn, up from $13mn in the same period a year ago. The gain demonstrates the company’s “ability to create value from accessing and maturing renewable proj