October 3, 2019 / 6:43 AM / 2 months ago

Equinor sells 25% stake in German wind farm

FILE PHOTO: The logo of Equinor, formerly known as Statoil, at the company's headquarters in Fornebu, Norway, May 21, 2018. REUTERS/Nerijus Adomaitis/File Photo

OSLO (Reuters) - Norway’s Equinor (EQNR.OL) has agreed to sell a 25% stake in Germany’s Arkona offshore wind farm for around 500 million euros ($547.85 million), almost doubling the value of its investment, the company said on Thursday.

The buyers are funds advised by Credit Suisse Energy Infrastructure Partners, while Equinor will retain a 25% stake, it added.

Since entering the project with a 50% stake in 2016, Equinor has invested just over 500 million euros, a company spokesman told Reuters.

“We’re satisfied with this deal and to still remain owner of a 25% stake,” Equinor spokesman Eskil Eriksen said.

Arkona is operated by RWE Renewables, which holds a 50% stake.

“This divestment demonstrates Equinor’s ability to realize value from the development of offshore wind projects. Active portfolio management through the project life cycle is an important part of our offshore wind strategy,” said Paal Eitrheim, head of Equinor’s New Energy Solutions unit.

(This story has been refilled to correct amount in third paragraph to “just over 500 million euros” from “around 520 million euros”)

Reporting by Terje Solsvik; Editing by Raissa Kasolowsky

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