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Share Purchase: Equinor Increases Stake in Scatec Solar

Stavanger, Norway - The Norwegian energy group Equinor has acquired 6.5 million shares in Scatec Solar for a total purchase price of NOK 754 million (75.6 million euros). The shares were acquired on 19th December 2019 at a price of NOK 116.

Following the transaction, Equinor owns a total of 18,965,400 shares in Scatec Solar, raising the total shareholding to 15.2 percent of the shares and votes. Only a year ago, Equinor had acquired a 10 percent stake in Scatec Solar.

“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. Scatec has a very capable management team and a proven strategy for value creation. We look forward to continuing to engage with the company,” said Pål Eitrheim, Equinor's managing director for new energy solutions.

The price of Scatec Solar, which is listed in the global equity index RENIXX World, has risen by around 62 percent in the current year 2019, as of today (30.12.2019) (current price: NOK 123,5).

Equinor ASA (formerly Statoil until 2018) is majority-owned by the Norwegian state and was formed by the merger of Statoil and the oil and gas activities of Norsk Hydro. Under a new name, Equinor is gradually implementing the transformation process from oil and gas to renewable energies (wind energy on- and offshore, solar energy).

Source: IWR Online, 30 Dec 2019