Statkraft and Norfund have completed the restructuring of SN Power with a view to exploiting potential hydropower development, in a move originally announced back in December 2013.
The two firms have cooperated in renewable energy development through SN Power for more than 10 years, and the restructure is now expected to further develop a leading international hydropower cluster, a statement announced.
In the new structure, SN Power's existing portfolio in South Asia and South America has been operationally integrated with Statkraft's other assets, with Statkraft's share of this part of the portfolio increasing from 60 to 67 per cent, and Norfund's share decreasing from 40 to 33 per cent. Over time, Norfund's intention is to further reduce its stake.
A new company called SN Power has also been created, with geographical focus on Southeast Asia, Africa and Central America. Statkraft and Norfund's intention is to reduce their shareholdings in the new SN Power from 50% to approximately 40% each, and will invite financial investors into the company over the next few years.
In addition, a separate project and construction unit has been 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.
