Energy giant Equinor said today that it had bought 50% of a planned Argentine solar farm capable of powering 80,000 homes. Independent solar power producer Scatec Solar, also from Norway, is acquiring the other 50% of Guanizul 2A (G2A) from Martifer Renewables. G2A is a 117 MW ready-to-build solar project located in the San Juan region of Argentina. A final investment decision is expected later in 2018, with an estimated production start-up late 2019. Project capex is estimated at $95 million, and will be funded with 40% equity from Equinor and Scatec Solar, and 60% from a construction bridge loan provided for the consortium by Equinor. Equinor’s overall financial exposure will be $77m. Irene Rummelhoff, executive vice president of new energy solutions at Equinor, said: “We are very pleased to have acquired a stake in this opportunity. We are entering a renewable market with growth potential through a mature and advanced solar project. “Following a dramatic reduction in cost for solar, we are looking forward to work with our partner, the Argentinean authorities and the local supply chain to advance solar as a competitive source of energy.”
Norway-based Equinor, formerly Statoil, has announced the acquisition of a 50% stake in the Guanizul 2A 117 MW ready-to-build solar project in western Argentina. Fellow Norwegian group Scatec Solar will buy the remaining 50% from Martifer Renewables. The $95m project will be 40%-funded with capital from the two new owners and 60% with a construction bridging loan from Equinor. In addition to its own renewable energy projects, Equinor is also developing an offshore wind farm off the coast of Chile that it hopes to complete by 2020.