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%.
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.
Jun 15 - Jun 16, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Feb 03 - Feb 04, 2021
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