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 Martifer Renewables will buy the remaining 50% from Scatec Solar. The $95m project will be 40%-funded with capital from the two new owners and 60% with a construction bridging loan from Equinor. A final investment decision is expected later this year with estimated start-up in late 2019.