Norway’s Statkraft and Norfund have closed an agreement to swap shares in their jointly owned international hydropower assets.
Under the terms of the agreement, Statkraft will sell all its shares in SN Power to Norfund, while Norfund will sell all its shares in Statkraft IH Invest to Statkraft.
Norfund will also make a cash payment to Statkraft.
Prior to the agreement, Statkraft and Norfund each owned 50% each in SN Power, which has hydro plants in Panama, Laos, Phillippines and Zambia, while Statkraft owned 81.9% and Norfund 18.1% of the shares in Statkraft IH Invest.
Statkraft IH Invest has hydro power assets in Peru, Brazil, Chile, India and Nepal.
Statkraft said the swap “strengthens its position in South America and south Asia, while Norfund increases its presence in Africa and south-east Asia”.
Norfund chief executive Kjell Roland said: “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.
“Our strategy is increasingly concentrating energy investments in sub-Saharan Africa and selected countries in southeast Asia.”
Statkraft president and CEO Christian Rynning-Tønnesen said: “Statkraft’s strategy within international power generation is to build stronger positions in fewer markets and broadening our portfolio to include more wind power and solar power, as well as hydropower.
“SN Power has shown great value creating capability for many years and laid the foundation for Statkraft’s commitment in South America and south Asia.”
Image: Statkraft
Statkraft shuffles hydro pack
Share swap agreement with Norfund on jointly-owned assets around the world
By EBS