Equinor Sells $169 Million Stake in Solar Firm Scatec

Published by Global Banking & Finance Review®

Equinor Sells $169 Million Stake in Scatec, Reduces Solar Investment

Equinor’s Divestment in Scatec: Key Details and Market Impact

Transaction Overview

OSLO, April 14 (Reuters) — Norway’s Equinor said on Tuesday it has sold 12.9 million shares in solar energy group Scatec for around 1.6 billion Norwegian crowns ($169.31 million), completing a transaction L8N40W1H3 first flagged on Monday.

Share Sale Price and Discount

The shares were sold at 125 crowns each, a 7% discount to Monday’s closing price of 134.4 crowns.

Equinor’s Remaining Stake

Equinor maintains a stake in Scatec of about 8.05% following the transaction.

Market Context and Reactions

Reason for Divestment

Equinor did not provide a reason for its planned divestment.

Scatec Share Performance

Scatec’s share price rose 26.6% this year before Tuesday’s transaction, according to LSEG data.

Currency Exchange Rate

($1 = 9.4503 Norwegian crowns)

Reporting Credits

(Reporting by Terje Solsvik, editing by Louise Rasmussen)