Greentech Advises Equinor on its Minority Investment in Scatec Solar
November 29, 2018
Equinor ASA (NYSE:EQNR), formerly Statoil ASA, 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 (NES) division.
- On November 15, 2018, Equinor ASA (“Equinor”) acquired 9.7% of Scatec Solar (OSE:SSO) for approximately US$82.4mm (NOK700mm)
- The investment in Scatec Solar is consistent with Equinor’s strategy to develop into a broad energy company
- Equinor has made investments in renewable energy technologies, including recent commitments to offshore wind, with plans to further increase its position in low carbon technologies
- Prior to its significant minority investment in Scatec Solar, Equinor had two joint venture agreements in Argentina and Brazil for a 117 MW and a 162 MW utility-scale solar farm, respectively, with Scatec Solar
The transaction press release can be found here.
“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,” says Pål Eitrheim, executive vice president for New Energy Solutions in Equinor.