Equinor wraps up stake buy in Brazilian solar, storage co Micropower

Author: katheriine_0x. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

April 28 (Renewables Now) - Norwegian company Equinor ASA (OSE:EQNR) announced on Monday it has concluded the acquisition of a minority stake in Brazilian battery storage and solar distributed generation (DG) company Micropower Comerc Energia SA (MPC).

Under the terms of the agreement published previously by the Administrative Council for Economic Defense (CADE), Equinor is buying 9.09% of MPC's total and voting capital on a fully diluted basis, and 32.33% of the share capital of the special purpose entities (SPEs) incorporated by MPC to own battery and solar DG assets.

The European company is acquiring the shares through its USD-200-million (EUR 184.7m) corporate risk fund Equinor Energy Ventures Fund BV.

"Micropower's experience in storage development will be essential to bring flexible low-carbon solutions to the commercial and industrial energy segment in Brazil," said Gareth Burns, the fund's managing director.

In addition to Equinor, the target company counts Comerc Energia, Siemens Financial Services and Juliao Coelho as investors.

Also in Brazil, the Norwegian company has a 162-MW solar plant, fruit of a partnership with Oslo-based Scatec Solar ASA (OSL:SSO), it noted.

(USD 1 = EUR 0.923)

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Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

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