The sun is an invaluable source of energy for the future, and the forecast looks bright for solar power.
Substantial cost reductions and technological advancements have turned solar photovoltaics (PV) into an increasingly attractive power source, competing with traditional sources of energy in many parts of the world. Solar PV is low cost and fast deployable.
Solar is geared for decades of strong growth. Bloomberg New Energy Finance (BNEF) estimates that around 30% of global electricity will come from solar PV in 2050. International Energy Agency (IEA) says solar PV needs to grow 20-fold from 2021 to 2050 to meet their net zero 2050 scenario.
For Equinor, solar is an important part of the toolbox when developing as a market driven power producer, a strategy that we have been pursuing since 2019. This means targeting selected power markets with energy solutions that meet customer and market needs. We implement this approach by building an onshore renewables portfolio backed by storage solutions and trading capabilities.
For the host communities, solar enables domestic energy production and contributes to a secure supply of renewable and affordable electricity to consumers for the long-term.
Our portfolio
Equinor is in the process of building a profitable onshore renewables 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 March 2024, production started at the 531 Mendubim solar plant. Mendubim is developed and operated as a joint venture between Scatec, Hydro Rein and Equinor. Equinor has 30% in the project.
In 2023, Equinor acquired Brazilian onshore renewables company Rio Energy, including the 223 MW Serra da Babilonia 1 producing onshore wind farm and a pipeline of onshore wind and solar projects.
Equinor in Brazil Poland
In 2021, Equinor acquired Polish solar developer Wento. Wento has a pipeline of onshore renewables and battery storage projects across Poland. Two solar plants, Stępień (58 MW) and Zagórzyca (60 MW), and the onshore wind farm Wilko (26 MW) are in commercial production. One more solar plant is under construction.
Equinor in Poland North Europe
In November 2022, Equinor acquired Danish solar developer BeGreen. BeGreen has a solar project pipeline in Denmark, Sweden and Poland.
Ownership positions
Equinor holds a 100% ownership share in Rio Energy, a leading Brazilian onshore renewables company.
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 16.2% ownership share in Scatec, an integrated independent renewable power producer.