Apart from acquiring the stake from Scatec Solar, Statoil has also acquired a 3.75% stake from Apodipar and now, its stake in the solar plant is 43.75%.
With this transaction, Scatec Solar and Statoil both hold 43.75% and the remaining stake of 12.5% is held by Apodipar. To obtain the stake, Statoil has paid $25m.
In early October, Statoil and Scatec Solar agreed to form a 50/50 joint venture to build, own and operate utility-scale solar plants in Brazil. The first step in the joint venture was to obtain a 40% stake in Scatec Solar’s Apodi solar project.
The electricity generated from the project will be supplied to CCEE, the Brazilian Power Commercialization Chamber under a 20 year power purchase agreement (PPA).
The responsibility of construction, operation and maintenance along with asset management of the plant lies with the joint venture. As part of the joint venture deal, Statoil will supply equity funding for the project’s development. It is estimated that a total amount of $215m is required for the completion of the project.
At the time of annoucement of the joint venture, 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 an attractive energy market. We are excited to have entered our first solar project with an experienced partner like Scatec Solar."
Image: Statoil and Scatec Solar to own and operate the Brazilian solar plant. Photo: Courtesy of Naypong/FreeDigitalPhotos.net.
