Norfund, the owner of SN Power, has signed a binding agreement to sell SN Power to Scatec Solar. The new company will become a global leader in renewable energy focusing on both hydro, PV, floating PV, wind and energy storage systems.
The transaction includes all of SN Power’s business in Asia and 51% of the business in Africa. The acquisition does not include SN Power’s assets in Zambia and Panama. These assets will be sold to Norfund.
The new company has power plants in 14 countries in addition to several projects that are under development. The combined capacity of the two companies is today 3.3 GW and expected to grow to 4.1 TWh in 2021. The new company, with its 450 employees, will deliver clean, renewable energy to millions of people, and provide expertise and experience in developing, constructing and operating a wide range of renewable energy technologies.
“It has been part of SN Power’s strategy for some time now to grow as a renewable company, not only geographically, but also when comes to new technologies. We have reservoirs where we are already testing out floating solar and we will soon have in place a battery energy storage system combined with hydropower, Erik Knive the CEO of SN Power says.
Looking at all these technologies together, the new company will make an interesting partner when comes to delivering total energy systems in different countries, he continues.”
Statkraft Norfund Power Invest AS was originally established in 2002 as a joint equal venture between Statkraft and Norfund with a focus on constructing, owning and operating hydropower projects in emerging markets. It was relaunched as SN Power in 2013, and later (2017) became owned fully by Norfund.
SN Power is looking forward to becoming part of Scatec Solar and creating a leading Norwegian, and global integrated renewable champion.
About SN Power:
SN Power invests in clean, renewable energy on commercial basis in emerging markets. The focus of the company is to acquire, develop, construct and operate hydropower assets. The company is fully owned by Norfund and has operations in Asia, Africa and Latin America. SN Power has a multinational team of people employed globally in its operations and projects and is head-quartered in Oslo, Norway.
For further information, please contact:
Elsbeth Tronstad, Executive Vice President SN Power
Mob.: +47 905 82 383