Norwegian energy giant Equinor has announced it has snapped up more than £60 million in shares in solar firm Scatec Solar.
The firm has has acquired 6,500,000 shares in the solar company – the equivalent of 5.2%.
The total cost is more than £64m.
Equinor now owns a total of 18,965,400 shares of Scatec Solar, raising its total shareholding to 15.2% of the shares and votes.
Pal Eitrheim, executive vice president for New Energy Solutions in Equinor, said: “Through this acquisition of additional shares in Scatec, Equinor further strengthens its exposure to the fast-growing solar energy sector.
“Since acquiring a 10% interest a year ago, we have continued to work effectively with Scatec’s management and now we are capitalising on an opportunity to acquire an additional stake in this high performing company.”
Equinor entered its first solar development project with Scatec Solar in 2017 with the Apodi asset in Brazil.
A second joint project followed in June 2018 with the Guanizul 2A in Argentina.
Mr Eitrheim added: “Our shareholding in Scatec Solar remains an important long-term investment for Equinor and reinforces our strategy to develop a strong position in renewables to secure lasting value for our shareholders.
“Scatec has a very capable management team and a proven strategy for value creation. We look forward to continuing to engage with the company.”
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