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Equinor lifts stake in Scatec Solar to 15%

Scatec and Equinor PV plant in Brazil

December 20 (Renewables Now) - Norway’s Equinor ASA (NYSE:EQNR) on Thursday said it has bought a 5.2% stake in Oslo-based Scatec Solar ASA (OSL:SSO) for NOK 754 million (USD 87.9m/EUR 79.9m), bringing its total interest in the company to 15.2%.

The Norwegian oil and gas major has purchased 6.5 million shares in Scatec at a price of NOK 116 apiece, compared to a closing price of NOK 110.5 on December 19.

The acquisition comes a year after Equinor bought a 10% stake in Scatec and further boosts the company's exposure to the solar power sector, Equinor's executive vice president for new energy solutions, Pal Eitrheim said. The deal is in line with the company's strategy of expanding its position in the renewable energy market, he added.

Equinor first partnered with Scatec on a solar project in Brazil in 2017, where they developed the 162-MW Apodi Solar plant.

(NOR 10.0 = USD 1.165/EUR 1.059)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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