Wednesday , June 23 2021

Equinor feels 700 million solar energy



The energy company Equinor buys solar energy, turning around NOK 700 million to nearly 10 percent of the listed solar energy company, Scatec Solar.

With Equinor Asset Management, with its previous ownership and ownership, Equinor now controls over ten percent.

Pål Eitrheim, Executive Director of Equinor's new energy solutions.

Pål Eitrheim, Executive Director of Equinor's new energy solutions.
(Photo: Tommy Ellingsen)

"Investing in Scatec Solar strengthens our position in the fast-growing renewable sector. We are completing a profitable solar portfolio, according to our strategy of developing ourselves as a large energy company," says Pål Eitrheim, Equinor's new energy solutions executive.

Unknown seller

Equinor reports that it has purchased 11,020,000 Scatec Solar ASA shares, equivalent to 9.7 percent of shares and voting rights, with a total purchase price of approximately NOK 700 million (US $ 82.4 million).

It gives a price per share of NOK 63.50. Scatec's closing price on Wednesday was NOK 60.60. Thus, Equinor has paid an average premium of almost five percent.

Equinor marks Scatec Solar shares, which is just over 10 percent. This includes equities owned by Equinor ASA and shares managed by Equinor Asset Management ASA.

"We are already collaborating with Scatec Solar in Brazil and Argentina, and we appreciate their expertise and experience. They are competitive and respected by solar companies. We support the company's leadership, leadership and strategy," says Eitrheim, adding that this ownership share is about 10 percent made in the long term.

– broadcast on the market

It is not known who has sold shares, and DN has not been able to contact Scatec Solar until now.

However, the company confirms the purchase through a stock exchange announcement on Wednesday morning.

Equinor, Equinor Asset Management Fund, Equinor Insurance and Equinor Pensjon appear to control 11,348,855 Scatec Solar shares, equivalent to 10.01 percent of the company's shares and votes.

Major shareholders before today's announcement are Scatec AS with about 17 percent, followed by Johan Andresen by Ferd AS by almost 12 percent and Folketrygdfondet nearly seven percent.

Chief Executive Officer Jan P. Sissener of Sissener is the eighth largest Scatec Solar shareholder with 2.2% of the company through the Sissener Canopus Foundation.

He believes Equinor is a vacuum-stock market.

"I think the market has been raids and they have released everything they can get," says Sissender DN on Thursday morning.

Investor and portfolio manager Jan Petter Sissener.

Investor and portfolio manager Jan Petter Sissener.
(Photo: Fredrik Bjerknes)

However, the driver is ambiguous that Equinor is now buying.

"It's nice with new shareholders, but I have mixed feelings. If the state controls society, it may sound like new shareholders," says Jan Petter Sissener.

– They have paid a bonus, and this makes the course go. But I have considerably greater ambitions for Scatec.

– How big ambitions?

– each case is three-digit.

At the end of the year, Scatec Solar was estimated at around NOK 6.9 billion, up 20 percent since the New Year. The stock has doubled over the past two years.

Collaboration

In the last decade, the global solar industry has grown by about 40 percent and is expected to continue to grow rapidly. Solar energy has also made the fastest cost recovery in the renewable energy sector and is expected to be a major source of energy in the future, Equinor points out.

In 2017, in collaboration with Scatec Solar Equinor, it launched the first Solar Energy Development project with the Apodi Project in Brazil. Thereafter, another joint project followed in June 2018 with Guanizul 2A in Argentina.

Equinor has also developed significant wind turbine portfolios and is the operator of Sheringham Shoal (317 MW), Dudgeon (402 MW) and Hywind Scotland (30 MW). In addition, Equinor is a partner in Arkona wind power plant (E.on-operated, 378 MW), and according to the company, there are several other possible wind projects.

According to Equinor, Scatec Solar is an independent solar collector manufacturer that manufactures electricity from its 357 MW and 1,057 MW installed plants.

The company has developed about 4.3 GW projects in North America, South America, Africa, Asia and the Middle East.

Scatec Solar's head office is based in Oslo and is registered on the Oslo Stock Exchange with a bond "SSO". ABG Sundal Collier and Sparebank 1 Markets are transaction consultants.(Regulations)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our affairs through a link that directly links our pages. Copying or any other use of all or part of the contents may take place only with the express written permission or in accordance with law. For more information, please see here.

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