Statkraft and Norfund (Norwegian Investment Fund for Developing Countries) have reached an agreement under which Statkraft will sell all its shares in SN Power to Norfund, while Norfund will sell its shares in Statkraft IH Invest AS (SKIHI) to Statkraft.
Why, you ask?
According to a press release, this arrangement will allow Statkraft to strengthen its position in South America and South Asia and Norfund to increase its presence in Africa and Southeast Asia.
Previously, Statkraft and Norfund each owned 50% of SN Power, which operates hydropower plants in Panama, Laos, the Philippines and Zambia. Statkraft owned 81.9% and Norfund 18.1% of the shares in SKIHI, which owns hydropower in Peru, Brazil, Chile, India and Nepal. Norfund will also make a cash payment to Statkraft as part of this transaction.
“Norfund’s mandate is to invest in developing countries where the need for capital is greatest and increased access to energy is necessary for development,” said Kjell Roland, chief executive officer of Norfund.
About Statkraft, President and CEO Christian Rynning-Tonneson said, “Statkraft’s strategy within international power generation is to build stronger positions in fewer markets and broaden our portfolio to include more wind power and solar power, as well as hydropower.”
Statkraft produces electricity from hydro, wind, solar and gas facilities. About 50% of Norfund’s portfolio is investments in clean energy projects. SN Power focuses on acquiring, developing, constructing and operating hydropower assets.
HydroWorld.com recently reported on Statkraft selling the partially completed 517-MW Cetin hydro plant in Turkey to Limak Holding.