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Equinor raises stake in Scatec Solar to 15.2%

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Equinor raises stake in Scatec Solar to 15.2%

Equinor ASA acquired another 5.2% stake in solar developer Scatec Solar ASA, equating to 6.5 million additional shares, which it bought for 116 Norwegian kroner each, amounting to a total of 754 million kroner.

The company said Dec. 19 that it now owns a total of 18,965,400 shares in Scatec, raising its combined shareholding in the renewables business to 15.2%.

Equinor partnered with Scatec in 2017 on the Apodi solar farm in Brazil its first solar development project — and followed this with a second joint project in June 2018 with the Guanizul 2A solar farm in Argentina.

"Our shareholding in Scatec Solar remains an important long-term investment for Equinor and reinforces our strategy to develop a strong position in renewables to secure lasting value for our shareholders," Pål Eitrheim, executive vice president in Equinor's New Energy Solutions business, commented.

Equinor bought a 9.7% stake in Scatec Solar in November 2018, boosting its clean energy portfolio beyond offshore wind.

As of Dec. 19, US$1 was equivalent to 8.97 Norwegian kroner.