Oslo-based leading independent renewable power producer, Scatec Solar, has signed a binding agreement with the Norwegian Investment Fund for Developing Countries (Norfund) to acquire 100 per cent of the shares in SN Power. SN Power is a leading hydropower developer and IPP, and Scatec Solar carried out this transaction at a total equity value of $1,166 million.
Scatec Solar has a total of 1.9 GW in operation and under construction on four continents. As part of this acquisition, Scatec Solar will get SN Power’s portfolio of hydropower assets in the Philippines, Laos and Uganda with a total gross capacity of 1.4 GW (net 0.5 GW). When combined, the company will have a total of 3.3 GW of power plants in operation and under construction across 14 countries and 450 employees.
SN Power’s project pipeline totals gross 2.5 GW mainly across Asia and Sub-Saharan Africa. Norfund will establish a new joint venture (JV) with Scatec Solar for SN Power’s Sub-Saharan Africa hydro assets and for development of new projects. Scatec Solar will be the operator and have a 51% stake in the JV while Norfund will have a 49% stake. Scatec Solar plans to further accelerate growth and have a combined project pipeline of 9.5 GW across solar, hydro, wind and storage.