Aquila Capital has won the bid to buy Norwegian hydropower company Smakraft which has a portfolio of 45 operating plants generating more than 500GWh.
This is the third hydro acquisition in 18 months for German-based Aquila and adds to its presence in the hydropower sector. Aquila already owns Norsk Grønnkraft and has stakes of 36% in Tinfos and 33% in Jørpeland Kraft.
Smakraft itself is owned by four Norwegian utility companies; Statkraft which owns 40% and Agder Energi, BKK, and Skagerak Energi, who each own 20%.
Aquila Capital Head of Hydropower Oldrik Verloop said: “Since 2009, we have acquired over 100 hydro plants in Europe, giving us an edge in sourcing and securing hydropower opportunities for our institutional investors.
“As our investors aim to bring long term capital to support the expansion of renewables in the energy mix, the acquisition of Småkraft AS will consolidate our operations in Norway. It will make us the largest operator of small-scale hydropower plants in Europe.”
Statkraft chairman Haakon Alfstad commented: “Aquila Capital’s acquisition of Småkraft AS will ensure the continued growth of small scale hydro production in Norway. We expect the transaction to be completed by the end of the year.”
Image: Hydropower plant (Wikimedia commons)
