Transitioning Norwegian oil & gas major Equinor is venturing further into renewable energy by boosting its share in compatriot Scatec Solar, which has widespread activities in emerging markets.

Equinor acquired another 5.2% of shares and votes in the solar power producer for NKr754m ($84m), bringing its overall shareholding in Scatec to 15.2%.

“Through this acquisition of additional shares in Scatec, Equinor further strengthens its exposure to the fast-growing solar energy sector,” said Pål Eitrheim, executive vice president for New Energy Solutions at Equinor.

“Since acquiring a 10% interest a year ago, we have continued to work effectively with Scatec’s management and now we are capitalising on an opportunity to acquire an additional stake in this high performing company.”

Equinor entered its first solar development project in 2017 via the Apodi asset in Brazil, followed by a second joint project in June 2018 with the Guanizul 2A project in Argentina.

“Our shareholding in Scatec Solar remains an important long-term investment for Equinor and reinforces our strategy to develop a strong position in renewables to secure lasting value for our shareholders,” Eitrheim said.