Earlier in the month, the Norwegian oil giant Statoil and Scatec Solar had agreed to build, own and operate large scale solar projects through a 50/50 joint venture to become a key player in the Brazilian solar market.
Statoil has also acquired an additional stake of 3.75% in the Apodi solar project from Apodipar, a Brazilian consortium made up of three investors. Its 43.75% stake in the project has been acquired for a total of $25m.
Scatec Solar, which is a Norwegian independent solar power producer, also holds a stake of 43.75% in the project while ApodiPar holds the remaining stake of 12.5%.
The Apodi solar project, which will be built in Quixere, Ceara State at a cost of $215m, will provide electricity to nearly 160,000 households. It marks the first solar development project for Statoil.
Expected to be connected to the grid by the end of 2018, the solar asset has a 20-year power purchase agreement (PPA) that was signed during an auction held by the Brazilian government in 2015. As per the PPA, the power generated from the plant will be sold to CCEE, the Brazilian Power Commercialization Chamber.
Earlier this year, the Apodi solar plant had received an inflation adjusted offtake price equivalent to $104/MWh.
Scatec Solar will be leading the construction and operations phase of the Brazilian solar plant. Statoil, on the other hand, will chip in with staff and services from Brazil and also from Norway.
Image: The Apodi solar plant will be the first project of Statoil’s Brazilian solar joint venture with Scatec Solar. Photo: courtesy of Scatec Solar.
