BAKU, Azerbaijan, June 15
By Leman Zeynalova – Trend:
Norway’s Equinor expects gross investments in renewables of around USD 23 billion from 2021 to 2026, and to increase the share of gross capex for renewables and low carbon solutions from around 4 percent in 2020 to more than 50 percent by 2030, Trend reports with reference to Equinor.
Based on early low-cost access at scale, Equinor expects to reach an installed capacity of 12 – 16 GW (Equinor share) by 2030. Reflecting current markets levels, Equinor is adjusting expected project base real returns to 4 – 8 percent and remains determined to capturing higher equity returns through project financing and farm downs.
Early access followed by targeted farm down is an integrated part of the value creation proposition. So far, Equinor has divested assets for 2.3 billion USD, booked a capital gain of USD 1.7 billion and expects to deliver nominal equity returns in the range of 12 – 16 percent from the offshore wind projects with offtake contracts in the UK and US.
The energy transition represents an opportunity for Equinor to leverage its leading position within carbon management and hydrogen, and to develop and grow new value chains and markets. By 2035, Equinor’s ambition is to develop the capacity to store 15 -30 million tonnes CO2 per year and to provide clean hydrogen in 3-5 industrial clusters.
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