Statkraft is to acquire eight hydro projects in Brazil totalling almost 132MW from EDP Energias do Brasil for an undisclosed price.
The projects, which are located in the state of Espirito Santo, will be taken over by Statkraft Energias Renovaveis, subject to regulatory approvals.
Statkraft executive vice president Jurgen Tzschoppe said: “This acquisition is a good fit with our strategy to build scale profitably in the markets where we are already present.
“It also positions Statkraft well for further development in Brazil, a key growth market for Statkraft.”
Statkraft owns 81% of Statkraft Energias Renovaveis with the Brazilian pension fund FUNCEF owning the remaining 19%.
Statkraft Energias Renovaveis currently owns six hydropower plants and four wind farms.
In addition, Statkraft has a minority ownership in four other hydropower plants, for a total portfolio of 318MW in Brazil.
The acquisition of the eight hydropower plants will bring Statkraft’s fleet in the country to around 450MW.