The Norwegian company Statoil has acquired a 40% equity in the Brazilian 162 MW Apodi (Quixeré, Ceará State, Brazil) solar photovoltaic (PV) project from the Norwegian independent solar power producer Scatec Solar for US$25m. The construction of the facility is scheduled to start in October 2017 while Statoil is aiming to deliver electricity by the end of 2018. The total project capital expenditure is currently estimated at US$215m; the project will be funded by equity contribution (35%) and project financing (65%). The construction and operations phase for the facility will be led by both Scatec Solar and Statoil.
The electricity will be sold via a 20-year power purchase agreement (PPA), awarded in 2015, in the wake of an auction organised by the Brazilian government with an offtake price equivalent to US$104/MWh in 2017.
Following the transaction, Statoil holds a 40% interest in the Apodi solar asset while Scatec Solar retains a 40% share and ApodiPar the remaing 20%.
Source: Statoil
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