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Equinor increases its ownership in Scatec

Following the transaction Equinor owns a total of 25,776,200 shares of Scatec, raising its total shareholding to 16.2 percent of the shares and votes.

Equinor increases its ownership in Scatec

Source: Equinor. The Apodi solar plant in Brazil

Moscow, March 16 - Neftegaz.RU. Equinor ASA (Equinor) has acquired 5,000,000 shares in Scatec ASA (Scatec) from Scatec Innovation AS, corresponding to 3.1 percent of the shares and votes, at a total purchase price of NOK 305 million.


The purchase price per share is NOK 61. The closing price on 15 March 2023 was NOK 64,18.
Following the transaction Equinor owns a total of 25,776,200 shares of Scatec, raising its total shareholding to 16.2 percent of the shares and votes.

Pål Eitrheim, executive vice president for Renewables in Equinor said:

  • as the largest shareholder in the company, we have acted on this opportunity to acquire an additional 3.1% stake in Scatec, a leading renewable energy company in emerging economies;
  • the acquisition aligns well with our disciplined approach to growth within renewables;
  • since Equinor acquired its first shares in Scatec in 2018, we have continued to work constructively with Scatec’s management.

Partnering with Scatec, 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.
The two companies are also partners together with Hydro Rein in the Mendubim solar development project (531 MW) in Brazil.


Equinor is in the process of building a profitable solar portfolio in selected markets:

  • Brazil:
    • Equinor’s first step into solar energy was the 162 MW Apodi Solar plant in Brazil. Equinor has a 43.5% share in Apodi along with operator Scatec,
    • The plant started production in 2018,
    • In summer 2022, construction works started in the 531 MW Mendubim solar project, realized in partnership with Scatec and Hydro Rein. Equinor has 33.3% in the project that is planned to come in production in 2024;
  • Argentina:
    • Equinor has a 50% interest in the 117 MW Guañizuil II A solar project in Argentina. The plant is operated by Scatec and started production in July 2021;
  • Poland:
    • In 2021, Equinor acquired Polish solar developer Wento and its 1.6 GW pipeline of solar projects across Poland,
    • The first solar plant Stępień was ready in Q4 2022, and two more are under construction;
  • North Europe:
    • In November 2022, Equinor acquired Danish solar developer BeGreen,
    • BeGreen has a project pipeline in early to medium stages of maturity of over 6 GW in Denmark, Sweden and Poland.

Ownership positions:

  • Equinor holds a 100% ownership share in BeGreen, a leading Danish solar developer;
  • Equinor holds a 100% ownership share in Wento, a leading Polish solar developer;
  • Equinor holds a 13.1% ownership share in Scatec, an integrated independent renewable power producer.


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