Scatec closes SN Power purchase

Norwegian renewables developer Scatec ASA (OSL:SCATC) on Friday said it had finalised the acquisition of Norfund’s hydro business SN Power for USD 1.17 billion (EUR 967m) after securing regulatory green light earlier in January.

“This acquisition forms a very important part of our broadened growth strategy, with an ambition to become a global player in solar, hydro, wind and storage solutions, and an integrator of high-value infrastructure solutions,” said Scatec CEO Raymond Carlsen.

With this deal, Scatec added 1.4 GW of hydropower plants (HPPs) in the Philippines, Laos and Uganda to its business. The combined SN Power-Scatec portfolio has now grown to 3.3 GW of plants in operation and under construction, with a project pipeline reaching close to 10 GW.

Scatec appointed Jarl Kosberg to the position of executive vice president of project development hydropower, effective on Friday, January 29.

Prior to the close, SN Power completed the acquisition of its first wind farm -- the 39.4-MW Dam Nai in Vietnam, Scatec said.

A special purpose vehicle owning the 15-turbine Dam Nai was bought from Mekong Wind Pte Ltd, a company wholly-owned by Singapore-based Armstrong South East Asia Clean Energy Fund.

(USD 1.0 = EUR 0.827)

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