Energy giant Equinor increases stake in Scatec Solar

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on 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%.

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.

Read Next

April 16, 2021
There was a more than fourfold increase in corporate solar funding in Q1 2021 compared with the same quarter last year, amid strong demand for PV assets globally, according to new analysis by Mercom Capital.
April 15, 2021
Maxeon Solar Technologies intends to raise up to US$143.75 million through a share issue to help finance planned capacity expansions and R&D, with long-time partner TZS committing to an investment.
April 14, 2021
There is likely to be demand across Europe for producing hydrogen from renewable energy, but the right regulatory frameworks and legislation need to be in place for the green hydrogen industry to find success.
April 13, 2021
European solar investors are coming to terms with smaller returns, however banks, governments and grid operators could do more to help alleviate risk and ease investor concerns.
April 8, 2021
Green hydrogen may become cheaper than natural gas by 2050, falling by 85% over the next 30 years, but declining costs in the solar sector will be crucial for the nascent technology's growth.
April 7, 2021
Norway’s sovereign wealth fund is eyeing potential investments in solar generation assets after making its first foray into renewables infrastructure.

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