Statkraft says that it will strengthen its presence in South America and South Asia through a share swap deal with Norfund.
The two companies have agreed to exchange share in their jointly-owned international hydropower assets, giving Statkraft control of Statkraft IH Invest AS (SKIHI), and Norfund control of SN Power.
Norfund will also make a cash payment to Statkraft, it said.
Statkraft and Norfund previously owned 50 per cent each in SN Power, which owns hydropower plants in Panama, Laos, Phillippines and Zambia. At the same time Statkraft owned 81.9 per cent and Norfund 18.1 per cent of the shares in SKIHI, which owns mainly hydropower assets in Peru, Brazil, Chile, India and Nepal.
Christian Rynning-Tønnesen, President and CEO of Statkraft, 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.”