Solar Photovoltaic (PV) installed capacity has grown approximately 50% per year globally over the last 15 years, with 300 GW installed capacity at the end of 2016. It is anticipated to be a major source of renewable power in the future with continued high growth, particularly in emerging markets.
Bloomberg New Energy Finance estimates that by 2040 around 34% of electricity will come from intermittent renewables, of which solar power will account for a third.
In October 2017, we signed an agreement to acquire a 40 % share in the construction ready 162MW Apodi solar asset in Brazil from Scatec Solar, a Norwegian independent solar power producer. The project will provide approximately 160,000 households with electricity. Equinor and Scatec Solar have also agreed on an exclusive cooperation to jointly develop potential future solar projects in Brazil.
In addition, Equinor Energy Ventures has invested in two new companies within the field of solar energy. Convergent Energy + Power develops energy storage assets in the utility and industrial sector; Oxford PV, is a solar technology company.