Norwegian renewables giant Statkraft is to acquire UK-headquartered solar developer Solarcentury, taking on a 6GW global portfolio in doing so.
The deal, struck at a purchase price of £117.7 million, will see Statkraft take on a pipeline of utility-scale solar projects in markets including Spain, Chile, Italy, Greece, France, the Netherlands and the UK.
Statkraft has maintained a target of developing at least 8GW of wind and solar by 2025, and the company said the acquisition – which also marked the renewables giant’s “renewed commitment to solar power” – will also play a major role in reaching that target.
The company also added that Solarcentury’s geographical footprint matched that of Statkraft’s existing development portfolio and market operations. Furthermore, Statkraft said the deal would make the company a leading developer within Europe’s solar market, with the potential to become world-leading.
Under the terms of the deal, Statkraft is to acquire 100% of shares in Solarcentury Holdings and its subsidiaries, buying out existing shareholders including Scottish Equity Partners, VantagePoint Capital Partners, Zouk Capital and Grupo Ecos. The deal remains subject to regulatory and competition approvals but is expected to be completed by the end of the year.