Equinor’s Solar Strategy 2025: Pivoting From Scale to Synergy with Hybrid Power

Industry Adoption: How Equinor is Shifting from Solar Capacity to Integrated Value

Between 2021 and 2024, Equinor executed an aggressive, acquisition-led strategy to rapidly build a foundational onshore solar portfolio. The company’s playbook focused on entering high-growth markets by acquiring established developers, such as Wento in Poland and BeGreen in Denmark, to gain immediate access to mature project pipelines. This period was defined by scaling capacity, exemplified by the commissioning of the 531 MW Mendubim solar plant in Brazil through a joint venture with Scatec and Hydro Rein. The commercial applications were straightforward: develop large-scale solar farms and secure revenue through long-term Power Purchase Agreements (PPAs). However, this rapid expansion came with challenges, as the renewables division posted a €33 million loss in 2023, and renewable energy constituted only 0.4% of Equinor’s total production in 2022, highlighting the nascent stage of this transition.

A clear inflection point occurred in late 2024 and into 2025, marking a strategic pivot from pure growth to synergistic value creation. The period is no longer about just adding megawatts; it is about making each megawatt more valuable. This shift is demonstrated by the operational launch of Equinor’s first hybrid power complex, Serra da Babilônia in Brazil, which combines 140 MW of new solar capacity with a 223 MW wind farm. This approach directly addresses intermittency and leverages existing grid infrastructure to improve project economics. Further cementing this new direction, Equinor reorganized its assets into a new “Power” business area, integrating renewables, energy storage, and flexible gas-to-power. This creates an opportunity to supply stable, reliable power to high-demand sectors like data centers. While overall renewables investment has been recalibrated, targeted venture investments into next-generation technologies like Hysun’s solar-to-hydrogen concept signal a dual strategy: optimize the current portfolio for profitability while selectively planting seeds for future, high-value energy systems.

Equinor’s Strategic Solar Investments

Equinor’s investment pattern reveals a clear evolution from large-scale acquisitions for market entry to targeted, strategic investments designed to enhance portfolio value and explore future technologies. The 2021-2024 period was marked by significant capital deployment to acquire entire companies and their project pipelines, establishing a rapid foothold in key markets. From 2025, the focus has shifted towards synergistic projects and early-stage technology, reflecting a more mature and calculated capital allocation strategy against a backdrop of revised overall renewables spending.

Table: Equinor’s Key Solar and Related Technology Investments

Equinor’s Web of Solar Partnerships

Partnerships are the cornerstone of Equinor’s solar strategy, enabling market entry, risk mitigation, and access to specialized expertise. The company consistently leverages collaborations, from large-scale project joint ventures to targeted technology pilots. This approach allows Equinor to remain agile, tapping into local knowledge in markets like Brazil and Poland while collaborating with technology pioneers to explore future growth areas like floating solar and performance analytics.

Table: Equinor’s Solar Energy Partnerships and Collaborations

Geography: Equinor’s Concentrated Solar Footprint

Between 2021 and 2024, Equinor’s geographic strategy for solar was one of focused market entry. The company established two primary beachheads: Brazil and Poland. In Brazil, it partnered with Scatec and Hydro Rein to bring the massive 531 MW Mendubim plant online. In Poland, it acquired developer Wento and rapidly grew its operational capacity to nearly 200 MW with projects like the Lipno and Stępień solar plants. This period also saw strategic portfolio management with the divestment of its Guañizuil IIA asset in Argentina, signaling a refinement of its geographic priorities. The acquisition of Danish developer BeGreen further anchored its ambitions in Northwest Europe, though project execution is a longer-term goal. These moves show a clear preference for markets with strong growth fundamentals and regulatory support.

From 2025 onwards, Equinor’s geographic activity has shifted from entry to deepening its presence and realizing value within these chosen hubs. The operational launch of the Serra da Babilônia hybrid complex reinforces Brazil as a core operational center where Equinor can integrate different renewable technologies. The commissioning of the 65 MW Ingerslev Å plant marks the first tangible outcome of its Danish strategy, moving beyond pipeline acquisition to operational assets. While Europe and Latin America remain the primary focus for large-scale deployment, Spain has emerged as a region for technological scouting, evidenced by the venture investment in Hysun. The risk profile is shifting from market entry risk to execution risk within these core geographies as Equinor works to deliver on its acquired pipelines and integrate new hybrid systems.

Technology Maturity: Equinor’s Dual Approach to Solar Innovation

From 2021 to 2024, Equinor’s technology strategy was predominantly focused on the commercial-scale deployment of mature onshore solar PV. Projects like Mendubim (531 MW) in Brazil and its growing Polish portfolio relied on proven, bankable technology to build capacity quickly. Concurrently, the company began exploring next-generation technologies at the pilot and venture stages. It initiated a pilot with Moss Maritime to test the viability of floating solar in harsh offshore conditions and made a venture investment in RayGen’s novel concentrated solar and thermal storage technology. This dual approach allowed Equinor to generate immediate returns from mature technologies while simultaneously cultivating future options. The strategy also included acquiring capabilities in crucial enabling technologies, notably through investments in battery storage developers like Noriker Power and East Point Energy.

In 2025, the technology strategy shows a clear maturation. Equinor has moved beyond standalone solar to the commercial operation of integrated, hybrid systems with the launch of the Serra da Babilônia wind-solar complex. This represents a significant step-up in operational complexity and value creation, moving from simple generation to providing more stable, dispatchable power. The deployment of mature technology is now more sophisticated. At the same time, its forward-looking investments are becoming more targeted. The investment in Hysun’s solar-to-hydrogen technology indicates a specific interest in integrating solar directly into the green fuels value chain. Furthermore, battery storage is advancing from an equity investment to a physical asset, with a storage facility now under construction and co-located with the Ingerslev Å solar plant in Denmark. This demonstrates a clear progression from piloting and investing to commercial integration of key enabling technologies.

SWOT Analysis: Equinor’s Evolving Solar Strategy

Table: SWOT Analysis of Equinor’s Solar Position

Forward-Looking Insights and Summary

The most recent data from 2025 signals that Equinor is entering a new phase of its solar journey, defined by integration, optimization, and profitability. The narrative is no longer about a land grab for gigawatts but about creating a resilient and valuable low-carbon power business. Market actors should expect Equinor to prioritize projects that offer clear synergies with its existing portfolio, such as further hybrid developments or co-locating battery storage with its solar farms, as seen at the Ingerslev Å plant in Denmark.

Three key signals will be critical to watch in the year ahead. First, the performance of the newly formed “Power” business unit will be a crucial test of whether integrating renewables, storage, and flexible gas can deliver superior returns and attract high-value customers. Second, the progress on the 480 MW solar MoU with Scatec and Hydro will indicate if Equinor still has an appetite for scale, but likely under stricter economic criteria. Finally, the outcomes of the floating solar pilot and the progress of its solar-to-hydrogen venture investment in Hysun will reveal the long-term trajectory of its innovation strategy. The focus is shifting from cost per megawatt to value per megawatt-hour, a more sophisticated approach that savvy investors and competitors should monitor closely. To stay ahead of these strategic shifts and track how Equinor and its peers are navigating the energy transition, a dedicated market intelligence platform is essential. Explore how Enki can provide the granular data and analysis needed to inform your strategic decisions in this evolving landscape.

Frequently Asked Questions

What is the main change in Equinor’s solar strategy around 2025?
The main change is a pivot from a strategy of rapid scaling through acquisitions (2021-2024) to one focused on creating synergistic value (2025 onwards). Instead of just adding solar capacity, Equinor is now integrating solar with wind and battery storage in hybrid projects to improve profitability, grid stability, and the overall value of each megawatt generated.

Why is Equinor focusing on hybrid power projects like Serra da Babilônia?
Equinor is focusing on hybrid projects to address the key challenge of renewable energy: intermittency. By combining solar and wind at a single site, like the Serra da Babilônia complex in Brazil, the company can produce more consistent power, make better use of existing grid infrastructure, and improve project economics. This allows them to offer more reliable power, which is attractive to high-demand sectors like data centers.

Is Equinor still investing heavily in renewables if the division was unprofitable?
While the renewables division posted a loss in 2023, Equinor is adjusting its strategy rather than pulling back completely. The company has recalibrated its overall renewables investment to prioritize projects with higher returns and profitability over sheer growth. The focus is now on value-driven projects, like hybrids and co-located storage, while still making targeted venture investments in future technologies like solar-to-hydrogen.

Which geographic regions are most important for Equinor’s solar business?
Equinor’s primary solar markets are Brazil and key European countries. Between 2021-2024, it established major footholds in Brazil (e.g., Mendubim project) and Poland (via the Wento acquisition). Since 2025, it has deepened its presence in these hubs, launching the Serra da Babilônia hybrid in Brazil and its first major solar plant in Denmark (Ingerslev Å). Spain has also emerged as a hub for technology scouting, as seen with the Hysun investment.

Beyond traditional solar panels, what future technologies is Equinor exploring?
Equinor is pursuing a dual technology strategy. While deploying mature solar PV at scale, it is also investing in next-generation concepts. Key examples include a pilot project with Moss Maritime to test floating solar power in rough offshore waters and a venture investment in Hysun, a startup developing innovative solar-to-hydrogen technology. This indicates an interest in unlocking new areas for solar generation and integrating solar into future green fuel value chains.