Scatec Solar acquires SN Power
Scatec Solar has signed a binding agreement to acquire 100% of the shares in SN Power, a leading hydropower developer and IPP, from Norfund for a total equity value of USD 1,166 million.
The acquisition forms an important part of Scatec Solar’s broadened growth strategy, with an ambition to become a global large-scale player in solar, hydro, wind and storage solutions, and an integrator of high-value infrastructure solutions.
Scatec Solar and SN Power have a unique and complementary portfolio of assets, geographical footprint and capabilities, and will together hold a large project pipeline across solar, hydro, wind and storage.
The combined company will have 450 employees, power plants in 14 countries and gross 3.3 GW of plants in operation and under construction. The expected median production will be about 4.1 terrawatt hours (TWh) in the year from 2021, which corresponds to renewable energy for more than 11 million people. In 2019, SN Power reported revenues of NOK 1,766 million and EBITDA of NOK 1,149 million.
“Hydropower and solar PV are complementary technologies, resulting in new project opportunities, for instance floating solar on hydro reservoirs. With this transaction we see great potential in broader project origination and geographical expansion into growth markets in South East Asia and Sub-Sahara Africa. SN Power adds scale and significant cash flow from operating plants and will raise stakeholder value; benefiting customers, employees, shareholders, business partners and the societies in which we operate,” says Raymond Carlsen, CEO of Scatec Solar.
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