Equinor hikes stake in renewables firm Scatec

Norwegian energy group Equinor ASA (NYSE:EQNR) has spent NOK 305 million (USD 28.3m/EUR 26.8m) to raise to 16.2% its stake in Scatec ASA (OSL:SSO), a domestic renewables developer and operator it has been partnering with for years.

The transaction concerned the purchase of five million additional shares, or a shareholding of 3.1%, for NOK 61 apiece, from Scatec Innovation AS, a press release said on Thursday.

Shares in Scatec closed at NOK 64.18 on March 15. They were trading 3.94% higher at NOK 65.9 as of 0937 CET on Thursday, implying a market capitalisation of about NOK 10.5 billion, according to data from Nasdaq Nordic.

“The acquisition aligns well with our disciplined approach to growth within renewables,” said Pal Eitrheim, executive vice president for renewables at Equinor.

Equinor, formerly Statoil, first bet on Scatec in 2018. The two companies have been partnering since 2017 when Equinor entered its first solar development project via the Apodi asset in Brazil. They teamed up the next year for the Guanizul 2A solar plant in Argentina. The two are also partners in the 531-MW Mendubim solar development project in Brazil.

(NOK 10 = USD 0.930/EUR 0.882)

Choose your newsletter by Renewables Now. Join for free!