Equinor has acquired more shares in Norwegian solar developer Scatec.
The acquisition of five million shares from Scatec Innovation for Nkr305m (€27m) corresponds to 3.1% of the shares and votes of Scatec.
Following the transaction Equinor owns a total of 25,776,200 shares of Scatec, raising its total shareholding to 16.2% of the shares and votes.
“As the largest shareholder in the company, we have acted on this opportunity to acquire an additional 3.1% stake in Scatec, a leading renewable energy company in emerging economies,”said executive vice president for renewables in Equinor Pål Eitrheim.
“The acquisition aligns well with our disciplined approach to growth within renewables. Since Equinor acquired its first shares in Scatec in 2018, we have continued to work constructively with Scatec’s management.”
Partnering with Scatec, Equinor entered its first solar development project in 2017 via the Apodi asset in Brazil, followed by a second joint project in June 2018 with the Guanizul 2A in Argentina.
The two companies are also partners with Hydro Rein in the 531MW Mendubim solar development project in Brazil.