Equinor’s renewables division made a US$184m (€171m) loss in 2022, compared to a loss of US$136m in 2021.
Renewables assets in operation contributed US$37m to Equinor’s operations.
This is expected to rise in 2023 as the floating offshore windfarm Hywind Tampen on the NCS generated its first power in the fourth quarter and will be completed in 2023.
Furthermore, the world’s largest offshore wind farm, Dogger Bank in the UK, is expected to start production in 2023
Production from renewable energy sources was 517 GWh in the fourth quarter of 2022, down 2% from the same quarter in 2021.
Equinor’s board said the portfolio of projects within renewables and acreage is progressing well towards the ambition of 12-16GW of installed capacity accessed by 2030.
The strategy remains focused on profitable growth, demonstrating discipline and capturing value through market cycles. Equinor expects project base returns of 4-8 %, it added.