November 15 (Renewables Now) - Norwegian oil group Equinor ASA (NYSE:EQNR) has bought a 9.7% stake in Scatec Solar ASA (OSL:SSO) for about NOK 700 million (USD 82.6m/EUR 72.8m) to expand in the field of solar power.
Equinor, formerly Statoil, said today it has acquired 11.02 million Scatec Solar shares, thus increasing its total ownership to a bit over 10%. The combined stake includes shares managed by Equinor Asset Management ASA.
“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,” said Pal Eitrheim, executive vice president for New Energy Solutions in Equinor. Eitrheim added that the stake buy was made with a long-term perspective.
Equinor and Scatec Solar are working together on solar projects in Latin America. In June they agreed to acquire the shovel-ready 117-MW Guanizul 2A solar project in Argentina, having already teamed up on the 162-MW Apodi solar project in Brazil.
Oslo-based Scatec Solar operates solar power plants with a total installed capacity of 357 MW. It has a further 1,057 MW under construction, as well as a project backlog and pipeline of about 4.3 GW under development in the Americas, Africa, Asia and the Middle East.
(NOK 1.0 = USD 0.117/EUR 0.104)