Latest news with #NorwegianGovernment
Reuters
04-06-2025
- Business
- Reuters
Norway exploring sale of remaining stake in Norwegian Air
COPENHAGEN, June 3 (Reuters) - The Norwegian government has begun exploring the sale of its remaining 6.26% stake in Norwegian Air ( opens new tab, the airline said on Tuesday. The airline said in a statement that the ministry of trade, industry and fisheries was contemplating selling up to 65,582,436 shares in the company, equal to a stake of about 6.26%. "If the demand and price in the offering is satisfactory, the seller may thus sell its entire shareholding in the company," Norwegian Air said. The price in the offering will be set through an accelerated bookbuilding process and will be in Norwegian crowns, the company added. Shares in Norwegian Air closed at 14.06 crowns on the Oslo stock exchange on Tuesday, prior to the announcement. At that price, the government's stake would be worth around 922 million Norwegian crowns ($91 million). Norway's government said last month it was converting half of a rescue loan to Norwegian Air during the pandemic into a 6.37% stake in the company. The government said at the time that any divestiture of its remaining participation in the airline would be considered based on developments in the market and the company. ($1 = 10.1283 Norwegian crowns)
Telegraph
20-05-2025
- Business
- Telegraph
Trump approves New York wind turbines that dwarf the Statue of Liberty
Donald Trump has cleared the path for a $5bn (£3.8bn) wind farm off New York that could power half a million homes. The Empire Wind project to build 138 giant wind turbines, each three times the height of the Statue of Liberty, was blocked by the US Interior Department last month. The move infuriated developer Equinor and the Norwegian government, its main shareholder, as it immediately imposed costs of $50m a week to keep its contractors and suppliers on site while doing nothing. Mr Trump has now rowed back and lifted the block after meeting Jonas Gahr Stoere, Norway's prime minister, and Jens Stoltenberg, its finance minister, in Washington. They are understood to have reminded him of the extent of Equinor's investment in the US – mostly in oil and gas. Anders Opedal, the Equinor president and chief executive, thanked the pair 'for their support at a critical time' after they 'raised the situation with the US administration'. The decision to block Empire Wind had caused consternation in the US and in the global renewables industry, as it had been approved only after multiple lengthy assessments of its costs and environmental impacts. It suggested no other project was safe from a Trump intervention – a risk too great for many investors. Ørsted, a Danish company with advanced plans for two other windfarms off the US east coast, instantly lost 40pc of its share value – a decrease of $10bn. Mr Trump has repeatedly made the bizarre claim, with no known evidence, that offshore wind turbines are killing whales 'in numbers never seen before' and that they 'kill all the birds'. The US president issued an executive order on his first day in office pausing new leasing and permits for wind projects, which he claimed were ugly, expensive and harmful to wildlife. In April, Doug Burgum, the US interior secretary, told Equinor to also halt construction of Empire Wind – covering 80,000 acres of sea 15 miles south of Long Island. He said the Biden administration had approved it without proper analysis of the environmental impacts. Equinor purchased the Empire Wind lease during Trump's first administration in 2017, and the project was approved under former president Joe Biden in 2023. Turbines to rise 900 ft above sea level The project, which will use wind turbines from Vestas, is 30pc complete, according to the company. The machines will rise 900ft above sea level, whereas the Statue of Liberty is just 305ft tall. Equinor generated huge interest from lenders keen to finance the project because of the high and guaranteed returns under the 25-year agreement with the New York State Energy Research and Development Authority. The deal to supply electricity from Empire Wind to New York, agreed in June 2024, is at a strike price of $155.00 (£116) per megawatt hour – which is far higher than the amounts on offer in the UK. The US has four operating offshore wind farms with three more under construction, besides Empire Wind. Ørsted owns both Sunrise Wind off the coast of New York and Revolution Wind off the coast of Rhode Island. Dominion Energy's Coastal Virginia Offshore Wind is also under way. 'This project delivers on the energy ambitions shared by the United States and New York by providing a vital new source of power to the region,' said Molly Morris, the president of Equinor Wind US. 'Empire Wind brings supply chain investments in states across the nation including New York, Louisiana, Pennsylvania, Texas and South Carolina.' Erik Milito, the president of trade body the National Ocean Industries Association, welcomed the move, saying it would 'activate American shipyards, create high-quality jobs, and accelerate the build-out of infrastructure needed to deliver reliable, domestic energy to the East Coast'.
Yahoo
27-01-2025
- Business
- Yahoo
Aker Carbon Capture ASA announces that SLB Capturi and Aker Solutions win contract to deliver carbon capture solution for Hafslund Celsio
FORNEBU, Norway, Jan. 27, 2025 /PRNewswire/ -- Aker Carbon Capture (ACC ASA), an Aker Horizons portfolio company, today announced that SLB Capturi, in collaboration with Aker Solutions, has been awarded an engineering, procurement, construction, installation and commissioning (EPCIC) contract from Hafslund Celsio AS to deliver a carbon capture solution at their waste-to-energy facility at Klemetsrud, Oslo. Hafslund Celsio is Norway's largest district heating supplier and the owner and operator of Norway's largest waste-to-energy plant. Hafslund Celsio's carbon capture project is part of Longship, the Norwegian Government's full value-chain carbon capture and storage project. The contract award includes delivery of a carbon capture plant, liquefaction system, temporary storage, and loading facility at the waste incineration site. It also includes an intermediate CO2 storage and ship loading system at Oslo harbor, from where the CO2 will be transported to the Northern Lights permanent storage facility on the Norwegian continental shelf. When operational, which is anticipated by third quarter, 2029, the carbon capture plant is expected to capture 350,000 metric tons of CO2 annually. The EPCIC award follows a cost reduction phase for Hafslund Celsio's project, which identified opportunities for efficiencies, including layout optimization. Innovative capture technology design enables the project to move forward. The project will now be delivered based on SLB Capturi's modularized Just Catch 400 unit. The space-efficient Just Catch design has been fundamental to enabling a viable, cost-effective solution by reducing onsite footprint, installation, and outfitting work. For further information, please contact:Jonas Gamre, Investor Relations, Tel: +47 97 11 82 92, Mats Ektvedt, Media, Tel: +47 41 42 33 28, About Aker Horizons: Aker Horizons develops green energy and green industry to accelerate the transition to Net Zero. The company is active in renewable energy, carbon capture and sustainable industrial assets. As part of the Aker group, Aker Horizons applies industrial, technological and capital markets expertise with a planet-positive purpose to drive decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Across its portfolio, the company is present on five About Aker Carbon Capture Aker Carbon Capture ASA was established as a separate entity in 2020, building on more than 20 years long experience and maturation of the carbon capture technology within Aker. Following an agreement with SLB, a joint venture between SLB and Aker Carbon Capture was established in June 2024. The JV, SLB Capturi, is headquartered in Oslo, with SLB owning 80% and Aker Carbon Capture ASA owning 20%, two strong companies with proven track record of building successful industrial businesses positioned for substantial growth. This information was brought to you by Cision View original content: SOURCE Aker Horizons Sign in to access your portfolio
