October 16, 2020 Read More →

Norway’s Scatec Solar buys SN Power, expands presence in renewable energy sector

Reuters:

Norwegian solar firm Scatec Solar said on Friday it had agreed to buy state-owned hydropower firm SN Power in a $1.17 billion deal as it transforms itself into a global renewables company.

The combined company would have 450 employees and own 3.3 gigawatts of in operation and under construction power plant capacity in 14 countries, and annual production of 4.1 terawatthours (TWh), Scatec Solar said in a statement.

Scatec owns and runs solar farms in Africa, Asia, Europe and Latin America, while SN Power builds and operates dams in southeast Asia and Africa.

“Hydropower and solar PV (photovoltaics) are complementary technologies, resulting in new project opportunities, for instance floating solar on hydro reservoirs,” Scatec Solar CEO Raymond Carlsen said.

The deal would also help Scatec Solar expand in growth markets for renewable energies such as sub-Saharan Africa and southeast Asia, Carlsen said. The firm [said] it planned to further branch out into wind and electricity storage.

While many traditional utilities have announced deals to expand into green power assets to cut greenhouse gas emissions, the latest acquisition is one of only a few M&A deals between renewables firms.

[Nora Buli and Gwladys Fouche]

More: Norway’s Scatec Solar to buy hydropower firm SN Power in $1.17 billion deal

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