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Equinor increases its ownership in Scatec

The Apodi solar plant in Brazil
The Apodi solar plant in Brazil
(Photo: Ole Jørgen Bratland / Equinor)

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.

Pål Eitrheim - portrait
Pål Eitrheim, executive vice president of Renewables in Equinor
(Photo: Ole Jørgen Bratland / Equinor)

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.

“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,” says Pål Eitrheim, executive vice president for Renewables in Equinor.

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.

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