Equinor acquires 10% stake in Scatec Solar

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Credit: Scatec Solar

Norwegian oil, gas and renewables multinational Equinor ASA has acquired a 9.7% stake in Oslo-headquartered PV developer Scatec Solar ASA at a total purchase price of approximately NOK700 million (US$82.4 million).

“The investment in Scatec Solar will increase Equinor’s exposure to a fast growing renewable sector, further complementing Equinor’s portfolio with profitable solar energy. This is in line with our strategy to develop into a broad energy company,” said Pål Eitrheim, executive vice president for New Energy Solutions in Equinor. “Scatec Solar is our existing partner in Brazil and Argentina and we value their capabilities and experience. They are a competitive and well-respected solar company and we are supportive of Scatec Solar’s management, board of directors and strategy. This minority stake of around 10% is made with a long term perspective.”

Equinor will flag a shareholding of just over 10% of Scatec Solar, including shares owned by Equinor as well as shares managed by Equinor Asset Management.

Partnering with Scatec Solar, Equinor entered its first solar development project in 2017 via the Apodi asset in Brazil, followed by a second joint project in June 2018 with the Guanizul 2A in Argentina. Equinor has also developed a sizeable offshore wind portfolio.

Scatec Solar has an installed capacity of 357MW  and has another 1,057MW under construction. The company has a project backlog and pipeline of about 4.3GW under development in the Americas, Africa, Asia and the Middle East.

Read Next

February 3, 2021
Scatec said it underwent a “transformational” year in 2020, with its total renewables pipeline now standing at a record high of 10.5GW.
January 20, 2021
In this project round-up, NextEnergy makes acquisitions in Portugal and Chile and BayWa r.e. sells two solar sites in Malaysia to local power producer reNIKOLA Sdn Bhd.
January 15, 2021
Equinor has revealed plans for a new pilot project to explore the potential of developing offshore floating solar plants in rough waters.
January 6, 2021
A round-up of the latest news from the US and Canadian solar market, including developments from the Solar Energy Industries Association, Canadian Solar, and Sun Dollar.
December 9, 2020
Norwegian energy firms Equinor and Scatec are to collaborate on a 480MW solar project in Brazil.
December 8, 2020
ACWA Power and Iberdrola are among the seven founders of a new coalition that aims to scale up the production of green hydrogen 50-fold in the next six years while halving production costs.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET
Solar Media Events
May 11, 2021