Aquila Capital has signed a deal to buy Småkraft AS, Norway's largest operator of small-scale hydropower plants, from owners Statkraft, Agder Energi, BKK and Skagerak Energi.
Aquila says that the portfolio it has acquired includes operating plants as well as a "considerable" project development portfolio. The deal will increase its holdings in the Norwegian hydropower sector following earlier investments in three other firms.
Småkraft was established in 2002 and has successfully developed and commissioned 45 hydropower projects in Norway. It has a further 15 projects under construction and more than 100 projects in development.
Roman Rosslenbroich, CEO of Aquila Capital said: "The transaction underlines Aquila Capital's credentials as a leading financial investor in renewable energy and underpins our position as a recognised owner and operator of hydropower plants."
Aquila Capital is part of the Aquila Group, which has €8 billion in assets under management, of which over €2 billion are in hydropower, solar and wind. In Norway it owns 100 per cent of small-scale hydropower company Norsk Grønnkraft AS as well as minority stakes in Tinfos AS and Jørpeland Kraft AS.
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