Norwegian energy firm Equinor has acquired more than 11 million shares in renewable energy business Scatec Solar.



The total purchase price is around 700 million Norwegian crowns ($82.66 million). Scatec Solar generates electricity from 357 megawatts of solar power plants across the world.



"The investment in Scatec Solar will increase Equinor's exposure to a fast growing renewable sector, further complementing Equinor's portfolio with profitable solar energy," Pal Eitrheim, Equinor's executive vice president for new energy solutions, said in a statement Thursday.



"This is in line with our strategy to develop into a broad energy company," Eitrheim added, before going on to state that Equinor's minority stake of around 10 percent was being made with a "long-term perspective."



Formerly known as Statoil, Equinor is headquartered in Stavanger, Norway. The business employs more than 20,000 people and develops oil, gas, wind and solar in over 30 countries. The Norwegian state owns 67 percent of the business.