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With the Aim of Expanding Its Renewable Energy Projects Around the World, Including Brazil, Its First Plant in Partnership with Scatec Solar Is Underway
Equinor signed a partnership agreement with Scatec Solar in October 2017 to build a solar power plant in Ceará that will power approximately 160 thousand homes. The two companies will also extend this partnership to future projects. Construction began in August at full speed, and the panels are already being installed; check out the video below:
Equinor will also acquire a 50% stake in the company that will execute the project, allowing it to participate in the design and implementation of new solar projects in the future.
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“Brazil is a strategic country for Equinor, where our ambition is to promote safe and sustainable growth in a significant energy market. Entering the solar energy segment in Brazil reinforces our portfolio of activities, which includes the Peregrino Field, in addition to the discoveries of Carcará and Pão de Açúcar, to be developed. We are excited to have started our first solar project with an experienced partner like Scatec Solar,” says Irene Rummelhoff, Executive Vice President of New Energy Solutions at Statoil.
Equinor will pay a total acquisition price of USD 25 million for the asset and the executing company. The construction phase of the project will begin in October this year, aiming to provide electricity starting in late 2018. The total investment for the project is estimated at USD 215 million. The Apodi solar project will be financed by a financial loan (65% of the amount) and by the shareholders’ own resources (35%), of which USD 30 million corresponds to Statoil’s share.
Project Ready to Start Construction
Located in the municipality of Quixeré in the State of Ceará, the project has full permission for grid connection. The asset has a 20-year power purchase agreement (PPA), obtained in 2015, in an auction organized by the Brazilian government, with an energy delivery price adjusted for inflation equivalent to USD 104/MWh in 2017.
With this transaction, Scatec Solar retains another 40% stake in the venture, while ApodiPar holds the remaining 20%.
“As part of our strategy to actively complement our oil and natural gas portfolio with profitable renewable energy sources, we had been focused on offshore wind energy, where we have a unique competitive advantage due to our 40 years of oil and gas activities. The Apodi project is a first step in entering the solar market and evaluating how this segment can present profitable growth opportunities and potential for expansion,” says Rummelhoff.
The construction and operations phase for this project will be led by Scatec Solar, and Equinor will contribute staff and services from Brazil and Norway.
Growth Opportunities in Solar Energy
The advancement of technology and the reduction in costs have made the solar segment even more attractive, surpassing traditional energy sources in key markets. Worldwide, the use of photovoltaic panels has been growing by approximately 50% per year over the last 10 years. The expectation is that it will be an important source of renewable energy in the future.
In Brazil, over the past few years, approximately 3 GW of solar projects have been acquired in three consecutive auctions. Another 7GW are expected to be offered by 2024.
“The potential of the solar energy sector in Brazil is increasing, and together with Equinor, we are raising our ambitions in this market even further. We bring a strong track record as an independent solar energy producer to this partnership, while Equinor has significant involvement and experience in Brazil through its other energy activities,” says Raymond Carlsen, CEO of Scatec Solar.
Scatec Solar is an independent solar power producer from Norway, with operating plants producing 322 MW of energy. Additionally, the company has other significant solar energy projects in its portfolio.
ApodiPar is a Brazilian consortium formed by three local investors.
About Equinor’s Renewable Projects
Equinor already has a considerable portfolio of renewable sources, with the capacity to supply energy to more than 1 million homes with offshore wind energy.
Equinor operates the Sheringham Shoal wind farm in the UK, which has been in production since 2012. The Dudgeon offshore wind farm in the UK, also operated by Statoil – and the world’s first floating offshore wind farm, Hywind Scotland – began production in 2017.
In 2016, Equinor also acquired 50% of the Arkona offshore wind farm in Germany, which will deliver energy in 2019.
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