Scatec Solar to acquire hydropower firm SN Power in $1.17 billion deal

Norway’s Scatec Solar has signalled its intention of becoming a global renewables company by agreeing to buy state-owned hydropower firm SN Power for US$1.17 billion.

The combined company will have 450 employees, power plants in 14 countries and 3.3GW in capacity at plants in operation and under construction, Scatec said in a statement.

“Hydropower and solar PV (photovoltaics) are complementary technologies, resulting in new project opportunities, for instance floating solar on hydro reservoirs,” said Scatec’s CEO Raymond Carlsen.

The deal will also help Scatec move into new renewable energy growth markets including sub-Saharan Africa and southeast Asia, where SN Power builds and operates dams, Carlsen added.

Scatec’s expansion in the renewables sector is indicative of a growing preference for cleaner energy sources and greener companies, particularly amongst Nordic investors.

“As the largest asset manager in the Nordic region we strongly support the transition from harmful coal towards clean solar and wind energy globally,” said Eric Pedersen, head of responsible investments at Nordea Asset Management.