The Norwegian solar project developer Scatec Solar ASA has announced that Norway-based oil group Statoil has agreed to acquire a 40% stake in a 162 MW project that it owns in Brazil.
Scatec said that the project’s Capex is estimated at $215 million, and that Statoil will inject equity funding in the amount of $25 million for its realization. The Norwegian company added it has also secured further funds for the project through a project financing structure with approximately 65% debt leverage, and that it expects to start construction of the facility soon, with completion scheduled for the end of 2018.
The Apodi project was selected by the Brazilian energy regulator ANEEL in the reserve energy auction it held in November 2015 and has a 20-year PPA with CCEE, the Brazilian Power Commercialization Chamber.
Furthermore, Scatec said it has created a 50/50 joint venture with Statoil in Brazil, which is expected to build and operate large-scale PV projects in the country over the next year.
The Norwegian oil company announced its intention to enter the solar energy business in February, when it launched a $197 million fund dedicated to renewable energies. At the time, the oil producer said the fund would acquire minority stakes in emerging companies, preferably as a co-investor with other venture firms. Potential investments included offshore and onshore wind, solar energy, energy storage, transportation, energy efficiency and smart grids.