Oil report

Norway's Scatec Solar to buy hydropower firm SN Power in $1.17 bln deal

OSLO, Oct 16 (Reuters) - Norwegian solar firm Scatec Solar said on Friday it had agreed to buy state-owned hydropower firm SN Power in a $1.17 billion deal, with the aim of becoming a global renewables company with different clean energy assets.

The combined company would have 450 employees, power plants in 14 countries and gross 3.3 gigawatt of plants in operation and under construction, Oslo-headquartered Scatec Solar said in a statement.

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

Scatec Solar is buying 100% of the shares in SN Power, owned by Norfund, a private equity company owned by the Norwegian state, for a total equity value of about $1.17 billion.

“When all plants are fullly operational from early 2021, the median annual production is expected to be 4.1 TWh (terawatt-hour),” Scatec Solar said.

Scatec owns and runs solar farms worldwide, with 1.9 gigawatt of electricity in operation in Africa, Asia, Europe and Latin America.

SN Power builds and operates dams in southeast Asia, central America and other emerging markets. (Reporting by Gwladys Fouche; Editing by Rashmi Aich)