Norwegian oil group Equinor – formerly Statoil – has agreed to take a 9.7% interest in its solar developer compatriot Scatec Solar ASA, for $82.4 million.
The transaction, made through the purchase of 11,020,000 Scatec shares by Equinor, takes the latter’s holding to slightly more than 10%.
The deal was made with a long term perspective, Equinor said, also highlighting a cooperation with Scatec that amounts to several projects under development in Argentina and Brazil since October 2017.
In Argentina, Equinor and Scatec jointly acquired a 117 MW solar project from Portuguese developer Martifer Renewables SGPS SA for an undisclosed sum, and in Brazil, Equinor agreed to acquire a 40% stake in a 162 MW project under construction by Scatec. At the time, the two companies created a joint venture which is expected to build and operate large-scale PV projects in Brazil.
The Norwegian oil company announced its intent to enter the solar energy business in February 2017, when it launched a $197 million fund dedicated to renewables. It rebranded as Equinor in March, to reflect its transition to clean energies.