Equinor buys $2.5 billion stake in Danish wind giant Orsted

Equinor ASA has acquired a $2.5 billion stake in Danish wind energy giant Orsted A/S, combining one of the largest fossil fuel companies in the Nordic region with the largest renewable energy developer.

The deal with Equinor represents one of the most significant endorsements for the long-embattled offshore wind industry, just as falling interest rates and easing supply chain bottlenecks brighten the prospects for renewable technologies key to Europe’s climate goals. Orsted shares jumped as much as 8% on this news.