Statkraft and Norfund have announced they will swap shares in their jointly owned international hydropower assets in a deal closed at the end of September.

Under the agreement Statkraft will sell all its shares in SN Power to Norfund, while Norfund will sellsall 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.

Until 27 September, Statkraft and Norfund owned 50% each in SN Power, which owns hydropower plants in Panama, Laos, Phillippines and Zambia. At the same time Statkraft owned 81.9% and Norfund 18.1% of the shares in SKIHI, the company which operatates 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, the companies said in a statement.