Equinor acquires additional stake in Scatec Solar
M&A WATCH- Norway’s Equinor has acquired an additional 5.2% stake in Norwegian solar power company Scatec Solar for USD 83.9 mn, according to a statement from Equinor. The move brings the total ownership stake of Equinor in Scatec Solar to 15.2%. “Through this acquisition of additional shares in Scatec, Equinor further strengthens its exposure to the fast-growing solar energy sector. Since acquiring a 10% interest a year ago, we have continued to work effectively with Scatec’s management and now we are capitalising on an opportunity to acquire an additional stake in this high performing company,” Pål Eitrheim, executive vice president for New Energy Solutions in Equinor, said.
Expect Egypt to be a beneficiary of some of that investment, as Egypt is a key market for Scatec Solar, which has investments in the Benban solar park. The company announced last August that it had begun commercial operations at its fifth 65 MW solar plant in Egypt, raising the company’s total output in the country to 325 MW.