The Norwegian energy major Equinor has increased its stake in the renewable energy company Scatec. Equinor said it has increased its stake by a further 3.1% as it acquired an additional 5,000,000 shares in the company from Scatec Innovation for a total of $28.9 million (NOK 305 million ).
The purchase price per share is approximately $5.71 (NOK 61), while the closing price on March 15, 2023 was $6.09 (NOK 64.18), the company said in its communicated Following the transaction, Equinor holds a total of 25,776,200 Scatec shares, increasing its total stake to 16.2 percent of the shares and votes, according to the statement.
“As the company’s largest shareholder, we have taken this opportunity to acquire an additional 3.1 percent stake in Scatec, a leading renewable energy company in emerging economies. The acquisition aligns well with our disciplined approach to growth in renewables. Since Equinor acquired its first shares in Scatec in 2018, we have continued to work constructively with Scatec’s management,” said Pål Eitrheim, Equinor’s Executive Vice President Renewables.
In partnership with Scatec, Equinor started its first solar development project in 2017 through the Apodi asset in Brazil, which started production in 2018. Following a second joint project in June 2018 with the Guanizul 2A in Argentina, Equinor recalled in its statement.
In addition, the two companies are also partners along with Hydro Rein in the Mendubim solar development project (531 MW) in Brazil. Equinor has a 33.3 percent stake in the project, which is expected to enter production in 2024.
For Equinor, he said solar power is an important part of the toolbox when developing as a market-driven power producer, a strategy the company says it has been pursuing since 2019 .The company also acquired Polish solar developer Wento in 2021, and followed. by Danish solar developer BeGreen in 2022.
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