Norwegian energy company Equinor (NYSE: EQNR) has added to its renewables portfolio, having acquired a minority shareholding in Oslo, Norway-based Scatec Solar.

Equinor said it acquired more than 11 million shares in the solar company, corresponding to 9.7% of the shares and votes, for a total purchase price of about NOK 700 million (US$82.4 million).

“The investment in Scatec Solar will increase Equinor’s exposure to a fast growing renewable sector, further complementing Equinor’s portfolio with profitable solar energy,” Pål Eitrheim, executive vice president of new energy solutions for Equinor, said in a Nov. 15 news release. “This is in line with our strategy to develop into a broad energy company.”

The two companies already have an existing partnership in South America, where they work together at the Apodi solar development project in Brazil and Guanizul 2A Argentina.

Equinor, which changed its name from Statoil earlier this year to reflect its shift to a broad energy company, has steadily grown its portfolio of assets. In addition to oil and gas, Equinor also has a sizeable offshore wind portfolio.

“The global solar business has grown approximately 40% per year over the last decade and is anticipated to continue growing rapidly,” Equinor said. “Solar energy has also made the fastest cost improvements in the renewable sector and is expected to be a major and material source of renewable power in the future.”

Scatec Solar produces electricity from operating plants with installed capacity of 357 megawatts (MW) and has another 1,057 MW under construction, the release said. The company has a project backlog and pipeline of about 4.3 gigawatts under development in the Americas, Africa, Asia and the Middle East.