Statkraft As and Norfund strengthen international cooperation in renewable energy

Friday, 20 Dec 2013 02:00am EST 

Statkraft As:Statkraft and Norfund sign a final agreement to restructure and prolong their cooperation within renewable energy.Says under the new structure, SN Power's existing portfolio in South Asia and South America is united and operationally integrated with Statkraft's other assets.Says Statkraft's share of this part of the portfolio will increase from 60 to 67 percent, while Norfunds share decreases from 40 to 33 percent and over time, Norfund's intention is to further reduce its stake.Says a new company called SN Power will be created, with geographical focus on Southeast Asia, Africa and Central America.Says initially, Statkraft and SN Power will own SN Power 50 percent each.Says the business in Africa and Central America will be performed through the subsidiary Agua Imara, where BKK and TronderEnergi are minority shareholders.Says Statkraft and Norfund's intention is to reduce their shareholdings in SN Power to about 40 percent each, and during a 1-2 years period invite financial investors into the company and in that context, BKK and TronderEnergi will be invited into SN Power as shareholders.Says a separate project and construction unit will be established in Statkraft International Hydropower, which will be a preferred supplier of project execution services to all international hydropower projects within Statkraft and SN Power. 

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