SN Power is a commercial company dedicated to investing in clean and renewable energy production in emerging global markets.
Statkraft Norfund Power Invest AS (SN Power) was established in 2002 by Norwegian state entities Statkraft and Norfund. The company's mission was to become a leading hydropower company in emerging markets, contributing to economic growth and sustainable development.
In December 2013, Statkraft and Norfund signed a Transaction Agreement to restructure and prolong their cooperation within the renewable energy sector. This led to the creation of a new company - SN Power AS - with ownership split 50/50 between the two founding partners.
The arrival of SN Power AS marks a new dawn for the business. It will now focus exclusively on developments in Southeast Asia, Africa and Central America. The existing operations in the Philippines and Vietnam will continue under SN Power AS as they did before the restructure. The business in Africa and Central America will, as previously, be performed through the subsidiary Agua Imara AS, with BKK Produksjon AS remaining as minority shareholder. SN Power AS will also specialise in the development of renewable energy projects, with a focus on hydropower, in a number of promising growth markets in emerging economies.
SN Power’s former portfolio in South Asia and South America will now be transferred to Statkraft and operationally integrated alongside the firm’s other assets. A separate project and construction unit will be established within Statkraft, which will be a preferred supplier of project execution services to all international hydropower projects within Statkraft and SN Power AS.
With Statkraft as one of its principal owners, SN Power AS has a strong industrial foundation, built on more than 100 years of developing, owning and operating hydropower in Norway. Statkraft is the largest renewable energy company in Europe, with about 57 TWh in annual electricity production.
Norfund is a Norwegian development financial institution (DFI), which invests risk capital in profitable private enterprises in Africa, Asia, Latin America and the Balkans. Through Norfund, SN Power AS has access to significant experience and expertise in conducting investments in emerging markets.