Equinor ASA has acquired 5 million shares in renewable energy firm Scatec ASA from Scatec Innovation AS, a stake of about 3.1% of the company’s shares and votes for about US$28 million (NOK 305 million).

Following the transaction, Equinor now owns about 25.7 million shares of Scatec, raising its total shareholding to 16.2% of the shares and votes, Equinor said in a March 16 press release. The purchase price per share was NOK 61. 

“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,” said Pål Eitrheim, executive vice president for renewables at 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 with Hydro Rein in the Mendubim solar development project (531 megawatts) in Brazil.