Equinor takes 10% of solar firm for £60m

Solar news
Solar panels stand at the Ivanpah Solar Electric Generating System in the Mojave Desert near Primm, Nevada, U.S. Photographer: Jacob Kepler/Bloomberg

Equinor invested more than £60 million in a 9.7% stake in Norwegian green energy firm Scatec Solar.

Oslo-headquartered Scatec is an independent solar power producer with installed capacity of 357 MW  and has another 1,057 MW under construction.

The company has a project backlog and pipeline of about 4.3 GW under development in the Americas, Africa, Asia and the Middle East.

Partnering with Scatec Solar, Equinor entered its first solar development project in 2017 via the Apodi asset in Brazil, followed by a second joint project in June 2018 with the Guanizul 2A in Argentina.

Equinor has also developed a sizeable offshore wind portfolio, and is the operator for Sheringham Shoal (317 MW), Dudgeon (402 MW) and Hywind Scotland (30MW).

In addition, Equinor is partner in the Arkona wind farm (E.on operated, 378 MW), and has several other wind projects in the pipeline.

Pal Eitrheim, executive vice president for New Energy Solutions in Equinor, said: “The investment in Scatec Solar will increase Equinor’s exposure to a fast growing renewable sector, further complementing Equinor’s portfolio with profitable solar energy.

“This is in line with our strategy to develop into a broad energy company.

“Scatec Solar is our existing partner in Brazil and Argentina and we value their capabilities and experience.

“They are a competitive and well-respected solar company and we are supportive of Scatec Solar’s management, board of directors and strategy. This minority stake of around 10% is made with a long term perspective.”