Statoil is to acquire a 40% share in the construction ready 162MW Apodi solar plant in Brazil from Scatec Solar, marking the energy giant’s first foray into the photovoltaic market.
The two Norwegian companies have also agreed to jointly develop potential future solar projects in Brazil.
In addition, Statoil said it will also acquire a 50% share in the project execution company, which will enable it to “participate in building and operating solar projects in the future”.
Statoil paid $25m (€21m) for the stakes in Apodi, which is located in Quixeré in Ceará state, and the project execution company.
Construction of the solar plant will start this month, with completion scheduled for the end of next year.
Total capital expenditure on Apodi is estimated at $215m, which will be 65% funded by project financing and 35% equity, of which Statoil’s share will be approximately $30m.
Apodi is fully-permitted with grid connection and has a 20-year power purchase agreement.
Scatec Solar continues to hold a 40% share in the project, with Brazilian consortium ApodiPar holding the remaining 20%.
Statoil executive vice president of new energy solutions Irene Rummelhoff said: “Brazil is a core area for Statoil where our ambition is to deliver safe and sustainable growth in a significant energy market.
“We are excited to have entered our first solar project with an experienced partner like Scatec Solar.”
Image: Scatec Solar
