Scatec granted approval to acquire Norfund's HPP business

Renewables developer Scatec ASA (OSL:SCATC) said that it has secured all regulatory and competition approval it needed to acquire fellow Norwegian hydropower business SN Power AS in a USD-1.166-billion (EUR 967m) deal that was announced last October.

Under last year’s binding agreement with SN Power’s owner Norfund, the Norwegian government’s investment fund for developing countries, Scatec is to get its hands on 1.4 GW of hydropower plants (HPPs) in Asia and Africa.

Specifically, Norfund will part ways with SN Power’s assets in the Philippines, Laos and Uganda, but will take with it plants in Zambia and Panama.

As part of the transaction, Scatec and Norfund will create a joint venture (JV) to work on SN Power’s projects in Sub-Saharan Africa. Scatec is set to lead the new company as the operator and owner of a 51% stake, it said at the time.

The Oslo-based developer, formerly known as Scatec Solar, will grow to control 3.3 GW of gross capacity in operation and under construction once SN Power's assets are included in the final tally.

Following the regulatory rubber stamp, Scatec expects to close the transaction in the first quarter of 2021.

(USD 1.0 = EUR 0.829)

Choose your newsletter by Renewables Now. Join for free!