Equinor Increases Stake in Scatec

Norwegian energy major Equinor has boosted its stake in renewable energy company Scatec. Equinor said it has increased its stake by a further 3.1 percent as it acquired additional 5,000,000 shares in the company from Scatec Innovation for a total of $28.9 million (NOK 305 million).

The purchase price per share is approximately $5.71 (NOK 61), while the closing price on March 15, 2023 was $6.09 (NOK 64.18), the company said in its statement. Following the transaction Equinor owns a total of 25,776,200 shares of Scatec, raising its total shareholding to 16.2 percent of the shares and votes, the statement reads.

“As the largest shareholder in the company, we have acted on this opportunity to acquire an additional 3.1 percent stake in Scatec, a leading renewable energy company in emerging economies. 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,” said Pål Eitrheim, executive vice president for Renewables in Equinor.

Partnering with Scatec, Equinor entered its first solar development project in 2017 via the Apodi asset in Brazil, which started production in 2018. This was followed by a second joint project in June 2018 with the Guanizul 2A in Argentina, Equinor reminded in its statement.

Furthermore, the two companies are also partners together with Hydro Rein in the Mendubim solar development project (531 MW) in Brazil. Equinor has 33.3 percent stake in the project that is planned to come in production in 2024.

For Equinor, it said that solar is an important part of the toolbox when developing as a market driven power producer, a strategy that the company says it has been pursuing since 2019. The company has also acquired the Polish solar developer Wento in 2021, followed by Danish solar developer BeGreen in 2022.

To contact the author, email andreson.n.paul@gmail.com

Photo Credit: iStock.com/yuruphoto

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