Equinor is grappling with rising costs in the offshore wind sector, driven by inflation, high interest rates and supply chain delays. “It’s getting more expensive and we think things will take longer in several markets around the world,” Equinor’s renewables director Paal Eitrheim told Reuters Agency.
Equinor withdraws from three countries
Eitrheim confirmed that the company is withdrawing from Spain, Portugal and Vietnam. It also announced that it may withdraw from additional countries. The company maintains that it intends to achieve a target of 12-16 gigawatts of installed capacity from renewable energy sources by 2030, but it will not achieve it if it comes at the expense of profitability. In 2023, the Norwegian company's installed renewable capacity was 0.9 GW.
The company, together with partners SSE and Vaargroenn, is currently building the first phase of the Dogger Bank offshore wind farm in the UK and is close to making final investment decisions on the Empire Wind project in New York and two wind farms in the Baltic Sea, where it plans to engage in the offshore wind energy sector in Poland.
Equinor is one of the world's largest offshore wind farm operators
Equinor, a Norwegian company, employs 21,000 people in over 30 countries worldwide. It is the largest operator of oil and gas installations. crude oil and gas in Norway and the second largest gas supplier in Europe. It is also one of the world's largest operators of offshore wind farms.