Equinor enhances stake in Scatec

Mar 16, 2023 10:38 AM ET
  • Latest purchase of five million shares EUR27m takes total shareholding in solar programmer to 16.2%.
Equinor enhances stake in Scatec
Image: Scatec

Equinor has actually gotten even more shares in Norwegian solar developer Scatec.

The acquisition of five million shares from Scatec Innovation for Nkr305m (EUR27m) represents 3.1% of the shares and also votes of Scatec.

Adhering to the transaction Equinor possesses an overall of 25,776,200 shares of Scatec, elevating its complete shareholding to 16.2% of the shares and votes.

" As the largest investor in the firm, we have acted on this opportunity to get an extra 3.1% risk in Scatec, a leading renewable energy company in arising economies," said executive vice head of state for renewables in Equinor Pål Eitrheim.

" The procurement aligns well with our self-displined technique to development within renewables. Because Equinor obtained its initial shares in Scatec in 2018, we have actually continued to work constructively with Scatec's management.".

Partnering with Scatec, Equinor entered its very first solar growth project in 2017 using the Apodi asset in Brazil, complied with by a 2nd joint project in June 2018 with the Guanizul 2A in Argentina.

Both companies are also companions with Hydro Rein in the 531MW Mendubim solar development project in Brazil.



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