Equinor cancels wind projects in Spain, Vietnam, Portugal

STAVANGER, September 5, 2024 – As offshore wind costs rise, Equinor has cancelled its projects in Spain and Portugal and exited the Vietnamese market, Reuters reported on Thursday.

The Norwegian energy giant made the moves in the wake of a review of its renewable energy portfolio.

A company executive cited the rise in offshore wind costs for the cancellations in Spain and Portugal, and warned Equinor could exit more countries to rein in spending. Details on the once-planned investments were not provided.

Meanwhile, Equinor will exit the offshore wind market in Vietnam and close the office in Hanoi it set up in May 2022.

“We have been actively pursuing early-phase opportunities in a series of markets around the world, in different geographies, and we confirm that we are exiting Vietnam, Spain and Portugal,” head of renewables Paal Eitrheim was quoted as saying.

The company had entered into an MoU with PetroVietnam on offshore wind co-operation in November of last year.

The report cited inflation, high interest rates and supply chain delays as factors in the rise of offshore wind project costs.

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