...

Equinor further strengthens its exposure to solar energy sector

Oil&Gas Materials 20 December 2019 11:35 (UTC +04:00)
Equinor further strengthens its exposure to solar energy sector

BAKU, Azerbaijan, Dec.20

By Leman Zeynalova – Trend:

Norway’s Equinor company further strengthens its exposure to the fast-growing solar energy sector by increasing its ownership in Scatec Solar, Trend reports citing the company.

Reportedly, Equinor has acquired 6,500,000 shares in Scatec Solar, corresponding to 5.2 percent of the shares and votes, at a total purchase price of NOK 754 million.

Following the transaction Equinor owns a total of 18,965,400 shares of Scatec Solar, raising its total shareholding to 15.2 percent of the shares and votes.

Partnering with Scatec Solar, 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 global solar business has grown by approximately 50% per year over the last 10 years and is anticipated to be a major source of renewable power with continued high growth, particularly in emerging markets. Due to technological efficiency, innovation, scale effects and more professional value chains, solar energy is becoming a low-cost source of power.

Equinor already operates three wind farms off the coast of the UK, and it is engaged in further large-scale wind projects offshore the UK, Germany, and the US. The company is also pioneering innovation in offshore wind solutions for deeper waters.

---

Follow the author on Twitter: @Lyaman_Zeyn

Tags:
Latest

Latest