Equinor’s renewables segment made a US$1.25 billion profit in 2020, up from a US$35 million loss the previous year.
The segment benefited from “higher availability of wind power assets and higher power prices” in 2021, the Norwegian energy giant explained.
It added that it is on track to reach 12-16GW net installed renewables capacity by 2030, up from 700MW currently.
The company added that it plans to make equity returns through project financing and farm downs in its renewable energy segment.
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