Case Studies

Equinor’s Acquisition of a Minority Stake in Scatec Solar


  • On November 15, 2018, Equinor (NYSE:EQNR), formerly Statoil, acquired 9.7% of Scatec Solar (OSE:SSO) for approximately $82.4mm (NOK700mm)


  • Equinor is a global energy company committed to developing oil, gas, wind, and solar energy in over 30 countries
  • Equinor is the largest O&G operator in Norway, among the world’s largest offshore operators and a growing force in renewable energy under its New Energy Solutions division
  • In 2015, Equinor set up its New Energy Solutions division to drive business development in renewables and low-carbon solutions, and announced its intention to invest up to 20% of its CapEx, or $12bn, into low carbon energy solutions by 2030
  • The company has had two joint partnerships with Scatec Solar in the past, totaling 279 MW of utility-scale solar farms in Argentina and Brazil


  • Scatec Solar is an integrated independent solar power producer with installed capacity of 357 MW, and another 1,057 MW under construction
  • Additionally, the company has a project pipeline of ~4.3 GW under development across Latin America, Africa, Asia, and the Middle East
  • Scatec Solar was founded in 2001 and is headquartered in Oslo, Norway


  • Greentech acted as a financial advisor to Equinor during the course of 2017 and 2018, supporting the company on its New Energy Solutions strategy
  • Greentech evaluated a variety of potential strategic alternatives and supported Equinor in implementing the chosen strategy
  • This transaction represents Equinor’s largest acquisition in the solar sector to date and highlights its increasing focus in the renewable energy sector
  • The transaction highlights Greentech’s expertise in the solar sector and its capabilities to provide strategic and financial advice toward Equinor’s new renewable strategy


  • The transaction reiterates the predominance of solar among Utility and Oil & Gas majors as a preferred, reliable and cost-efficient renewable energy technology
  • Equinor’s acquisition of Scatec Solar highlights how strategics continue to be active in the renewable space through M&A and their continuing efforts of executing on their diversification strategies
  • The increased strategic interest in renewables creates additional competition and helps accelerate the sustainable energy transition

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