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Statoil to buy Scatec Solar’s 40% stake in 162MW solar project in Brazil

EBR Staff Writer Published 04 October 2017

Statoil has agreed to acquire Norwegian-based Scatec Solar’s 40% stake in 162MW Apodi solar development project in Brazil.

The deal also includes the acquisition of 50% interest in the project execution company. Statoil will pay $25m as acquisition amount as per terms of the transaction.

Expected to begin operations at the end of 2018, Apodi solar project will provide electricity to around 160,000 households in the region.

The project, which is situated in the municipality of Quixeré in Ceará state, will be supported by a 20-year power purchase agreement (PPA) signed in 2015.

Once the deal concludes, Scatec Solar will hold 40% interest in the Apodi solar project and the remaining 20% stake will be owned by ApodiPar.

Scatec Solar will involve in the construction and operation phases of the project while Statoil will provide the required staff and services from Brazil and Norway.

In addition, both firms have agreed to develop potential future solar projects in the country.

Statoil new energy solutions executive vice president Irene Rummelhoff said: "Brazil is a core area for Statoil where our ambition is to deliver safe and sustainable growth in a significant energy market.

“Entering into solar in Brazil adds to the positions we have already in the producing Peregrino oil field and in the offshore licenses BM-S-8 and BM-C-33 which include the yet to be developed discoveries Carcará and Pão de Açúcar respectively.”

Scatec Solar CEO Raymond Carlsen said: "The potential for solar energy in Brazil is substantial and together with Statoil we are increasing our ambitions further in this market.”