Energy giant Equinor increases stake in Scatec Solar

Facebook
Twitter
LinkedIn
Reddit
Email
Image: Ole Jorgen Bratland/Equinor.

Norwegian state-owned energy giant Equinor has increased its stake in international solar developer, Scatec Solar.

The O&G major confirmed late last week that it had taken an additional 6.5 million shares in the Oslo-headquartered solar firm, taking its total shareholding to 15.2%.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The transaction came at a total purchase price of NOK724 million (US$78.5 million), a transaction which values Scatec at around US$1.5 billion.

It comes just over a year after Equinor, formerly known as Statoil, first acquired an interest in Scatec, picking up a 10% stake in November 2018. It was shortly followed by the completion of a 162MW solar project in Brazil that the duo worked on together.

Pål Eitrheim, executive vice president at Equinor’s New Energy Solutions division, said the deal would further strengthen the company’s “exposure to the fast-growing solar energy sector”.

“Since acquiring a 10% interest a year ago, we have continued to work effectively with Scatec’s management and now we are capitalising on an opportunity to acquire an additional stake in this high performing company,” he said.

Scatec Solar has thrived in 2019, confirming at the start of the year that it had more than 1GW under construction in six countries, including a bifacial solar project in Egypt, a 65MW array in Malaysia and a raft of solar farms in Ukraine.

“Our shareholding in Scatec Solar remains an important long-term investment for Equinor and reinforces our strategy to develop a strong position in renewables to secure lasting value for our shareholders,” Eitrheim added.

26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 10, 2024
Dallas, Texas USA
Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Napa, USA