Tuesday 19 June 2018

Equinor invests $77m in Argentinian solar project

Equinor has signed an agreement to acquire a 50% interest in a solar project in Argentina.

The agreement with Martifer Renewables will see a contribution of around $77 million (£58.5m) from the Norwegian energy firm, formerly called Statoil.

Scatec Solar is buying the rest of the stake in the project, estimated to cost $90 million (£68m) and power around 80,000 households.

The Guanizul 2A asset has a capacity of 117MW and will be located in the San Juan region of Argentina.

The project will support the country's commitment to supply 20% of its electricity from renewable sources by 2025.

Final investment decision is expected later in 2018.