Equinor announced the acquisition of shares in Scatec. The Norwegian energy giant has acquired almost 5,000,000 shares in Scatec ASA from Scatec Innovation AS for a total purchase price of NOK 305 million. This transaction corresponds to a 3.1% share and voting interest. The purchase price per share is NOK 61, while the closing price on March 15, 2023 was NOK 64.18.
Equinor acquires a total of 16.2% of the shares and votes of Scatec
Following this acquisition, Equinor holds a total of 25,776,200 shares of Scatec, bringing its total ownership to 16.2% of the shares and votes. This additional equity investment makes Equinor the principal shareholder of Scatec.
Working closely together since 2017
Equinor launched its first solar development project in partnership with Scatec in 2017. Indeed, the Apodi asset in Brazil was the two companies’ first joint project, followed by a second project in Argentina in June 2018, with Guanizul 2A. In addition, the two companies are also working with Hydro Rein on the 531 MW Mendubim solar development project in Brazil.
A constructive relationship between Equinor and Scatec management
Since Equinor first acquired shares in Scatec in 2018, the company has worked constructively with Scatec management. Pål Eitrheim, executive vice president of renewable energy at Equinor, said the acquisition aligns well with their disciplined approach to growth in renewable energy.
In conclusion, this acquisition strengthens Equinor’s position in the renewable energy sector and will allow the company to continue its collaboration with Scatec in the years to come.
