Statkraft and Norfund swap hydropower shares

Statkraft and Norfund have closed an agreement to swap shares in their jointly owned international hydropower assets.

The agreement implies that Statkraft sells all its shares in SN Power to Norfund, while Norfund sells all its shares in Statkraft IH Invest AS (SKIHI) to Statkraft. In addition to the swap of shares, Norfund will make a cash payment to Statkraft.

Statkraft and Norfund have owned 50 percent each in SN Power, which owns hydropower plants in Panama, Laos, Phillippines and Zambia. At the same time Statkraft has owned 81.9% and Norfund 18.1% of the shares in SKIHI, the company owning mainly hydropower assets in Peru, Brazil, Chile, India and Nepal.

Through these transactions, Statkraft strengthens its position in South America and South Asia, while Norfund increases its presence in Africa and Southeast Asia.

Kjell Roland, CEO of Norfund, 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. 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.”