SN Power Peru is now Statkraft Peru
20.03.2014 21.12 | pressrelease
At the end of 2013, Statkraft and Norfund signed a final agreement to restructure and prolong their cooperation within renewable energy. The rationale for investing in emerging markets is the attractiveness of these markets due to expected long-term economic growth, increased need for environmentally-friendly energy and the potential for hydropower development.
For more than 10 years Statkraft and Norfund have cooperated in developing renewable energy globally through SN Power. This agreement takes the cooperation to the next phase. The goal is to develop a leading international hydropower cluster, contributing to the development of a low-carbon society through profitable investments. In this context, SN Power Peru becomes Statkraft Peru, which was announced on march 27th, in a private cocktail for guests of electric sector, regulatory organisations, governmental groups and business strategic partners.
The main elements of the new structure and cooperation are:
- SN Power’s existing portfolio in South Asia and South America is united and operationally integrated with Statkraft’s other assets. Statkraft’s share of this part of the portfolio increase from 60 to 67 percent, while Norfunds share decreases from 40 to 33 percent. Over time, Norfund’s intention is to further reduce its stake.
- A new company called SN Power has been created, with geographical focus on Southeast Asia, Africa and Central America. Statkraft and Norfund’s intention is to reduce their shareholdings in SN Power to approximately 40 percent each, and during a 1-2 years period invite financial investors into the company. In that context, BKK and TrønderEnergi will be invited into SN Power as shareholders.
- A separate project and construction unit has been established in Statkraft International Hydropower, which aims to be a preferred supplier of project execution services to all international hydropower projects within Statkraft and SN Power.
“Statkraft’s ambition is to strengthen its position as a leading international company within hydropower. The agreement with Norfund will further strengthen our industrial role and utilise the full hydropower competence within the Statkraft Group even better”, says Christian Rynning-Tønnesen, President and CEO of Statkraft.
“This agreement confirms the long term strategic cooperation between Norfund and Statkraft, BKK and TrønderEnergi to harness and develop hydropower resources in developing countries. The new platform for cooperation will scale up our joint efforts benefiting the global fight against climate change as well as the fight against poverty”, says Kjell Roland, Managing Director of Norfund.