STATOIL BUYS STAKE IN BRAZILIAN SOLAR PROJECT
24 / 10 / 2017
Source: Latin Lawyer
By Raevathi Supramaniam
Dentons in London and Amsterdam and Veirano Advogados in São Paulo have helped Norwegian state-controlled energy company Statoil acquire a 40% stake in the 162-megawatt Apodi solar project from counterpart Scatec for US$215 million.
Campos Mello Advogados in São Paulo advised Scatec.
Scatec will retain a 40% share in the project, while another stakeholder Brazilian – consortium ApodiPar – keeps a 20% stake.
The Apodi solar facility is located in Quixeré, north-east Brazil. It is expected to provide 160,000 households with electricity once complete. About 65% of the plant’s funding will come from project financing, while the remainder will be drawn from equity contributions.
Statoil and Scatec have also agreed to a 50/50 joint venture to build and operate future solar projects in Brazil.
Statoil has been increasing its stake in Brazil’s energy space recently. In July this year, it acquired a further 10% equity stake in the Santos basin from gas company QGEP for 1.2 billion reais (US$379 million), bringing its total stake to 76%. Last year, Statoil purchased prime pre-salt oil and gas assets from counterpart Petrobras for US$2.5 billion.
The deal was signed on 4 October.
Counsel to Statoil
In-house counsel – Niny Borges, Igor Volner and Meagan Keiser
Partners Danielle Beggs and Charles July, and associates Edward Williams, Tom Guilfoyle, Cheng Shi, Mark Armitage, and Jake Jackson in London and partner Casper Haket in Amsterdam
Partners Tiago Kummel Figueiro, Ian Muniz and Pedro Garcia in São Paulo
Counsel to Scatec
In-house counsel – Axel Holmberg and Snorre Valdimarsson
Partner Fabiano Gallo and associate Flavia Cerutti Alves Pinto in São Paulo