Oil and gas giant Statoil moves into solar, acquires share in 162 megawatt Brazilian facility

Oil and gas giant Statoil moves into solar, acquires share in 162 megawatt Brazilian facility

Chamber Articles Category: Energy Post Date: 10/04/17 Source: CNBC By: Anmar Frangoul
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Statoil is entering the solar market.

The Norwegian energy business announced Wednesday that it had signed an agreement to acquire a 40 percent share in the "construction ready," 162 megawatt (MW) Apodi solar asset in Brazil.

Statoil said it would be acquiring the share from Scatec Solar, an independent solar power producer based in Norway. It added that the two businesses had agreed on an "exclusive cooperation" which would see them jointly work on "potential future solar projects" in Brazil.

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

Construction on the facility, in the northeastern state of Ceara, will commence this month, with the target of producing electricity from the end of next year. The project is set to send electricity to around 160,000 households. Read Full Article