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

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

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.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

September 5, 2025
Scientists from Germany and Saudi Arabia have discovered that perovskite thin-film cells are compatible with current industry standard silicon solar cells, which they claim is a “crucial step toward the industrialisation of perovskite silicon tandem solar cells”.
September 5, 2025
During a week of major US clean energy developments, ContourGlobal, PSE, Arevon, and Ameren Missouri advanced solar projects across four states in the US.
September 5, 2025
Newly formed firm Solaris Assets has acquired the business operations and assets of Texas-based residential solar installer Sunnova.
September 5, 2025
Research firm Rystad Energy has found that Queensland’s utility-scale solar PV power plants have dominated the best-performing assets, in terms of AC capacity factor, rankings for August 2025.
September 4, 2025
India’s Goods and Services Tax (GST) Council, the joint forum of the Centre and States, has reduced the GST rate on renewable energy components from 12% to 5%. 
September 4, 2025
The Czech national cybersecurity agency has warned that Chinese solar inverters represent a threat to the country’s data security.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines