Equinor acquires stake in solar power producer Scatec Solar for $82.4m

15 November 2018 (Last Updated November 15th, 2018 11:28)

Norway-based energy company Equinor has acquired a minority 9.7% stake in solar power producer Scatec Solar for approximately Nkr700m ($82.4m).

Equinor acquires stake in solar power producer Scatec Solar for $82.4m
Scatec Solar is an integrated independent solar power producer, which produces clean energy. Credit: Asia Chang on Unsplash.

Norway-based energy company Equinor has acquired a minority 9.7% stake in solar power producer Scatec Solar for approximately Nkr700m ($82.4m).

Scatec Solar is an integrated independent producer and operates plants with an installed capacity of 357MW. Headquartered in Oslo, Norway, the company also has 1,057MW under construction.

Currently, it has a project backlog and pipeline of about 4.3GW under development in the Americas, Africa, Asia and the Middle East regions.

Equinor New Energy Solutions executive vice-president Pål Eitrheim said: “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.

“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. 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 noted the shareholding in the solar power producer includes shares owned by Equinor ASA and managed by Equinor Asset Management ASA.

In 2017, Equinor in partnership with Scatec Solar entered the solar energy business for the Apodi asset in Brazil. In June this year, the companies collaborated for the Guanizul 2A solar project in Argentina.

In addition to these, Equinor operates 317MW Sheringham Shoal, 402MW Dudgeon and 30MW Hywind Scotland offshore wind projects.