Norway’s Statoil takes first stake in utility-scale solar

Norwegian energy giant Statoil has made its first foray into utility-scale PV with the acquisition of a 40% stake in the construction-ready 162MW Apodi project in Brazil from compatriot developer Scatec

The $25m buy-in is part of a longer-term tie up with Scatec for future solar plants in a region where Statoil has existing offshore oil and gas assets, and includes a 50% share in the development’s project execution company.