The Norwegian developer Scatec Solar AS is paying $1.2 billion to complement its solar installations around the world with the hydro-power assets of SN Power.
For more than a decade, both Oslo-based companies have built renewable projects around the world in emerging markets from Africa to Asia and South America. One built solar plants and the other hydro stations. With the acquisition, Scatec Solar is bringing the two portfolios together.
“Hydro power and solar PV are complementary technologies, resulting in new project opportunities, for instance floating solar on hydro reservoirs,” Raymond Carlsen, chief executive officer of Scatec Solar, said in a statement. “We see great potential in broader project origination and geographical expansion into growth markets in South East Asia and Sub-Sahara Africa.”
After the acquisition, the company will have power plants in 14 countries with a capacity of 3.3 gigawatts in operation or under construction. It hopes to be able to churn out as much as 4.1 terrawatt-hours by 2021.
Since 2017, SN Power has been fully owned by the Norwegian state-operated investment fund Norfund after the utility Statkraft AS sold its remaining shares. The company was started in 2002 to develop hydro-power projects in emerging markets.