Scatec Solar, a Norwegian independent renewable power producer, has signed a binding agreement to acquire 100 percent of the shares in hydropower developer SN Power from Norfund for $1.16 billion.
As part of this transaction, the parties will establish a new joint venture for SN Power’s Sub-Saharan Africa hydro assets and develop the hydropower pipeline in the region. Norfund will retain a 49 percent stake and Scatec Solar will hold 51 percent.
The combined company will own power plants in 14 countries and 3.3 gigawatts of plants in operation and under construction. All plants are expected to reach operations in early 2021.
“Hydropower and solar PV are complementary technologies, resulting in new project opportunities, for instance floating solar on hydro reservoirs,” said Raymond Carlsen, CEO of Scatec Solar. “With this transaction, we see great potential in broader project origination and geographical expansion into growth markets in Southeast Asia and
