Statoil partakes in first solar development project
- Statoil and Scatec Solar partner in Statoil's first solar venture in Brazil to provide power to 160,000 households

Norway's Statoil has taken its first tentative steps in solar development by partnering up for a solar project in Brazil with another Norwegian company, the company announced on Wednesday.

Statoil said that it signed an agreement to acquire a 40 percent share in the construction-ready, 162-megawatt Apodi solar asset in Brazil from Scatec Solar, a Norwegian independent solar power producer.

It noted that the project, which is estimated to cost $215 million, will provide approximately 160,000 households with electricity.

Statoil and Scatec Solar have also agreed on exclusive cooperation to jointly develop potential future solar projects in Brazil.

The company added that it will also acquire a 50 percent share in the project's executive company, enabling Statoil to participate in building and operating solar projects in the future.

"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," said Irene Rummelhoff, executive vice president of new energy solutions at Statoil.

She added that Statoil is excited to have entered its first solar project with an experienced partner like Scatec Solar.

The construction of the solar plant will start in October 2017 and aims to deliver electricity from the end of 2018.

Statoil has decades of experience in the oil and gas sector, is also an innovator in offshore wind and a world leader in carbon capture and storage.

According to Statoil's website, the company's ambition is to expand into other sources of renewable energy and "develop reliable new energy solutions that are both green and cost-efficient."


By Murat Temizer

Anadolu Agency


04 Oct,2017