RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2017-10-06 12:40:00

STATOIL'S RENEWABLE INVESTMENT

STATOIL'S RENEWABLE INVESTMENT

PENNENERGY - Statoil has signed an agreement to acquire a 40% share in the construction ready 162MW Apodi solar asset in Brazil from Scatec Solar, a Norwegian independent solar power producer. The project will provide approximately 160.000 households with electricity. Statoil and Scatec Solar have also agreed on an exclusive cooperation to jointly develop potential future solar projects in Brazil.

In addition, Statoil will also acquire a 50% share in the project execution company, enabling Statoil to participate in building and operating solar projects in the future.

"Brazil is a core area for Statoil where our ambition is to deliver safe and sustainable growth in a significant energy market. Entering into solar in Brazil adds to the positions we have already in the producing Peregrino oil field and in the offshore licenses BM-S-8 and BM-C-33 which include the yet to be developed discoveries Carcará and Pão de Açúcar respectively. We are excited to have entered our first solar project with an experienced partner like Scatec Solar," says Irene Rummelhoff, Executive Vice President of New Energy Solutions in Statoil.

Statoil will pay a combined acquisition price of USD 25 million for access to the Apodi solar asset and the project execution company. The construction of the solar plant will start in October 2017 aiming to deliver electricity from the end of 2018. Total project capex is estimated to USD 215 million. The Apodi solar asset will be funded 65% by project financing and 35% equity contribution, of which Statoil's equity share will be approximately USD 30million.

Construction ready project

The Apodi asset is located in the municipality of Quixeré, Ceará State in Brazil, and is fully-permitted with grid connection. The asset holds a 20-year power purchase agreement (PPA) awarded in 2015 at an auction organised by the Brazilian government with an inflation adjusted offtake price equivalent to 104 USD/MWh in 2017.

Following the transaction Scatec Solar holds a 40% share in the Apodi solar asset, and ApodiPar holds the remaing 20%.

"As part of Statoil's strategy to actively complement our oil and gas portfolio with profitable renewable energy sources, we have so far focused on offshore wind where we have a unique competitive advantage building on over 40 years with oil and gas acitvities. The Apodi asset is a sensible first step into the solar industry and can demonstrate how solar can provide Statoil with scaleable and profitable growth opportunities," says Rummelhoff.

The construction and operations phase for this project will be led by Scatec Solar with Statoil contributing with staff and services from Brazil as well as Norway.

Growth opportunities in solar

Improved technology and lower costs have turned solar into an attractive power source, outcompeting traditional sources of energy in important markets. Solar Photovoltaic (PV) has grown approximately 50% per year globally over the last 10 years, and is anticipated to continue to grow.

Over the last years, approximately 3GW of solar projects have been awarded in Brazil in three consecutive utility scale solar auctions. Another 7GW is planned to be awarded by 2024.

"The potential for solar energy in Brazil is substantial and together with Statoil we are increasing our ambitions further in this market. We are bringing into the partnership a strong track record as an integrated independent solar power producer, while Statoil has a strong engagement and experience from Brazil through its other energy activities," says Raymond Carlsen, CEO of Scatec Solar.

Scatec Solar is a Norwegian based solar power producer currently having 322 MW of solar power plants in operation. In addition the company has a significant pipeline of solar projects.

ApodiPar is a Brazilian consortium consisting of 3 investors.

-----

Earlier:

STATOIL: 

     

 RENEWABLE:

 STATOIL NET INCOME $1.4 BLN
July, 28, 09:40:00

STATOIL NET INCOME $1.4 BLN

“Our solid financial results and strong cash flow are driven by good operational performance with high production efficiency and continued cost improvements. At oil prices around 50 dollars per barrel, we have generated 4 billion dollars in free cash flow, and reduced our net debt ratio by 8.1 percentage points since the start of the year. We expect to deliver around 5% production growth this year, and at the same time realise an additional one billion dollars in efficiencies,” says Eldar Sætre, President and CEO of Statoil ASA.

 

    Renewable
September, 25, 13:10:00

RENEWABLE ENERGY UP

China accounts for the lion’s share of the upsurge. But Middle East and north African countries are scheduled to have installed 14GW in solar plants by the end of 2018 — a seven-fold increase from 2015. Central and South America are also expected to reach 14GW, nearly five times more than in 2015, while India is set to hit 28GW, a jump of nearly six times.

 
 STATOIL SEES $60
December, 7, 18:35:00

STATOIL SEES $60

The balance between demand and supply in the oil market will shift earlier than previously expected due to OPEC's output cuts, with prices heading towards $60 a barrel next year, Statoil's chief executive said on Tuesday. Brent crude futures LCOc1 hit $55 a barrel on Monday, the highest level since July 2015, after OPEC agreed on Dec. 1 to curb production by 1.2 million barrels per day (bpd) from January.

 

    Renewable
September, 20, 08:45:00

RENEWABLE'S FUTURE

The falling cost of renewable energy will increasingly allow wind and solar projects to make money without subsidies, say the top executives in Europe’s power industry.

 
 STATOIL BUY BRAZIL: $2.5 BLN
July, 29, 18:50:00

STATOIL BUY BRAZIL: $2.5 BLN

Statoil ASA (OSE:STL, NYSE:STO) and Petróleo Brasileiro S.A. - Petrobras (“Petrobras”) (BVMF: PETR4, NYSE:PBR) have agreed that Statoil will acquire Petrobras’ 66% operated interest of the BM-S-8 offshore licence in Brazil’s highly prolific Santos basin. The acquisition includes a substantial part of the Carcará oil discovery, one of the largest discoveries in the world in recent years.

    Renewable
September, 15, 08:55:00

WORLD ENERGY CONSUMPTION UP TO 28%

The U.S. Energy Information Administration projects that world energy consumption will grow by 28% between 2015 and 2040. Most of this growth is expected to come from countries that are not in the Organization for Economic Cooperation and Development (OECD), and especially in countries where demand is driven by strong economic growth, particularly in Asia. Non-OECD Asia (which includes China and India) accounts for more than 60% of the world's total increase in energy consumption from 2015 through 2040.

 
 NORWEGIAN MERGER
June, 10, 14:20:00

NORWEGIAN MERGER

Oil companies BP (BP.L) and Det norske (DETNOR.OL) have agreed to merge their Norwegian businesses in a $1.3 billion all-share deal to cut costs, challenge Statoil's (STL.OL) dominance of the local industry and look for more acquisitions.

    Renewable
July, 19, 14:35:00

CLEAN ENERGY PROBLEMS

A transition from fossil fuels to mitigate the impacts of climate change will require large amounts of metals and rare earth elements that could create environmental challenges, the World Bank has warned.

 
 Renewable
August, 31, 12:10:00

U.S. WANT NORWAY

Norway’s $970-billion sovereign wealth fund, the world’s largest, should allocate a bigger share of its investments to renewable energy to boost returns, a U.S. energy policy think-tank said

    Renewable
July, 12, 14:10:00

IEA: ENERGY INVESTMENT UPDOWN

Total energy investment worldwide in 2016 was just over $1.7 trillion, accounting for 2.2% of global GDP. Investment was down by 12% compared to IEA’s revised 2015 energy investment estimate of $1.9 trillion.

 
 STATOIL & REPSOL TRANSACTIONS
December, 11, 19:45:00

STATOIL & REPSOL TRANSACTIONS

Statoil and Repsol announce transactions in Norway, UK, US and Brazil

 

    Renewable
June, 26, 23:40:00

RENEWABLE ENERGY EFFICIENCY: 90%

Keeping the rise of global temperatures below 2 degrees Celsius means reducing energy-related carbon dioxide emissions by more than 70 per cent by 2050 (compared to 2015 levels). Analysis by IRENA for the G20 Presidency has shown that renewable energy and energy efficiency could potentially achieve 90 per cent of those reductions.

 ROSNEFT & STATOIL PARTNERSHIP
July, 15, 19:25:00

ROSNEFT & STATOIL PARTNERSHIP

Russia’s Rosneft and Norway’s Statoil completed drilling works as part of the Pilot Project at the PK1 layer of the North-Komsomolskoye field in Purovsky and Nadymsky regions of Yamalo-Nenets Autonomous District.

    Renewable
June, 21, 11:25:00

BP ENERGY REVIEW

Bob Dudley, BP group chief executive, said: “Global energy markets are in transition. The longer-term trends we can see in this data are changing the patterns of demand and the mix of supply as the world works to meet the challenge of supplying the energy it needs while also reducing carbon emissions. At the same time markets are responding to shorter-run run factors, most notably the oversupply that has weighed on oil prices for the past three years."

 

 

 

Tags: STATOIL, RENEWABLE, BRAZIL, INVESTMENT