Norwegian energy giant Equinor has raised its share in compatriot company Scatec Solar to just over 10% with the acquisition of 11,020,000 shares for Nkr700m (€73m).
The latest 9.7% stake adds to shares managed by Equinor Asset Management, the company formerly known as Statoil said.
Equinor executive vice president for new energy solutions Pal 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. 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 first partnered with Scatec on the development of the 162MW Apodi project in Brazil in 2017, followed by a second project in June this year.
Scatec has installed capacity of 357MW and a further 1057MW under construction. It has a project backlog and pipeline of about 4.3GW under development in the Americas, Africa, Asia and the Middle East.