Scatec, Equinor Part Ways in Argentina

• Central Puerto SA has purchased the 50/50 stake in the 117-MW Guanizuil IIA solar farm in Argentina from Scatec and Equinor. With the exit of Scatec, the solar farm, connected in 2021, is now owned by the Argentine power producer. Explore the power of solar as Equinor and Scatec expand their renewable energy portfolios.

Scatec and Equinor have agreed to sell their stakes in the 117-MW Guanizuil IIA solar farm in Argentina to Argentine power producer Central Puerto SA. Scatec will be exiting from the country as part of the sale. The solar farm was connected to the grid in 2021 as a project owned by a 50/50 joint venture between the two companies. Equinor had provided a non-recourse bridge loan to the JV during construction. Unfortunately, due to Argentina’s political and economic situation, the refinancing was not possible. As a result, Scatec recognized an impairment charge of NOK 350 million in its second-quarter earnings report.

Have Scatec and Equinor Exited Argentina's Solar Market?

• Scatec Solar and Equinor have agreed to sell their 50/50 joint venture stake in the 117-MW Guanizuil IIA solar farm located in Argentina, with Scatec exiting from the country as part of the transaction.
• The solar farm was connected to the grid in 2021 and was financed by a non-recourse bridge loan provided by Equinor.
• Due to Argentina’s political and economic situation, the refinancing of the solar plant was not possible.
• As a result, Scatec recognized an impairment charge of NOK 350 million in its second-quarter earnings report.
• The sale of the solar farm is still subject to certain closing conditions and is expected to close in the third quarter of 2021.