Monday , May 10 2021

Ecuinor charges $ 700 million for solar energy



The energy company Ekuinor is being purchased in solar energy, with around 10 percent of Scatec Solar's assets growing about NOK 700 million.

In combination with previous ownership and ownership through Ecuinor Asset Management, Ecuinor now controls more than ten percent.

Pal Eitrheim, executive vice president of Nev Energi Solutions at Ecuinor.

Pal Eitrheim, executive vice president of Nev Energi Solutions at Ecuinor.
(Photo by Tommy Ellingsen)

"The investment in Scatec Solar strengthens our position in the rapidly developing sector in the field of renewable sources. We are complementing the portfolio of profitable solar energy, in line with our strategy of developing ourselves as a broad energy company," said Pal Eitrheim, executive vice president of Nev Energi Solutions, Ekuinor.

Unknown seller

Ecuinor reports that it has bought 11,020,000 shares in Scatec Solar ASA, which corresponds to 9.7 percent of stocks and voting rights, with a total purchase price of about NOK 700 million ($ 82.4 million).

She gives a price per share of about NOK 63.50. The closing price of the Scatec campaign on Wednesday was NOK 60.60. Thus, Ecuinor paid a premium of nearly five percent on average.

Ecuinor represents a share of just over 10 percent in Scatec Solar. This includes shares owned by Ecuinor ASA and shares managed by Ecuinor Asset Management ASA.

"We already work with Scatec Solaro in Brazil and Argentina, and we value their expertise and experience, they are a competitive and respected solar energy company, we support the management, management and strategy of the company." The acquisition of this ownership stake of about 10 percent is done with a long-term from perspective, says Eitrheim.

– Raid on the market

It is not known who sold the shares, and DN has so far failed to contact Scatec Solar.

However, the company confirms the purchase through a stock exchange announcement on Wednesday morning.

Ecuinor, Ekuinor Asset Management Fund, Ekuinor Insurance and Ekuinor Pensjon seem to control 11,348,855 shares in Scatec Solar, which accounts for 10.01% of shares and votes in the company.

The biggest shareholders before today's announcement are Scatec AS, with about 17 percent, followed by Ferhand AS owned by Johan Andresen by almost 12 percent, and Folketrigdfondet by almost seven percent.

Managing Director of Capital Mark Jan P. Sissener Investment Company Sissener is the eighth largest shareholder in Scatec Solar with 2.2 percent of the company through the Sissener Canopus.

He believes that Ecuinor sucked in the stock market.

"There was a raid on the market and they abolished everything they could get, I think," Sissener told DN on Thursday morning.

Investor and portfolio manager Jan Petter Sissener.

Investor and portfolio manager Jan Petter Sissener.
(Photo by Fredrik Bjerknes)

However, the manager is ambivalent to buy Ecuinor now.

"It's good with new shareholders, but I have mixed feelings. When a state controls the company, it may look disgusting for new shareholders, says investor Jan Petter Sissener.

– They paid the premium and it goes by course. But I have significantly higher ambitions for Scatec.

– How much ambition?

– Every case of three digits.

At the end of the year, Scatec Solar was estimated at NOK 6.9 billion, which is 20 percent more than New Year's. In the past two years, the share has doubled.

cooperates

The global solar industry has grown about 40 percent a year over the last decade, and is expected to continue rapid growth. Solar energy has also made the fastest possible cost recovery in the renewable sector, and it is expected to be an important source of energy in the future, Ekinor points out.

In 2017, in collaboration with Scatec Solar, Ecuinor entered its first solar energy development project with the Apodi project in Brazil. Next is a joint project in June 2018 with Guaniculos 2A in Argentina.

Ecuinor also developed a significant portfolio of wind turbines, and the operator is Sheringham Shoal (317 MV), Dudgeon (402 MV) and Hivind Scotland (30 MV). In addition, Ecuinor is a partner at the Arkona wind farm (E.on-operated, 378 MV) and has several other possible wind development projects, the company said.

Scatec Solar is an integrated independent solar energy producer that generates electricity from its plants with an installed capacity of 357 MV and has an additional 1.057 MV under construction, says Ecuinor.

The company has projects of approximately 4.3 GW in development in North and South America, Africa, Asia and the Middle East.

Scatec Solar has its headquarters in Oslo and is listed on the Oslo Stock Exchange with the label "SSO". ABG Sundial Collier and Sparebank 1 Markets are transactional advisers.(Rules)Copiright Dagens Næringsliv AS and / or our suppliers. We want to split our business using a link that leads directly to our site. Copying or any other form of use of all or part of the content may only be in writing or by law. For further conditions, see here.

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