Norway‘s renewable power producer Scatec Solar has announced the acquisition of 100% of the shares of hydropower developer SN Power in a $1.17 billion (£900m) deal.
The new combined company is estimated to have 450 employees, power plants in 14 countries and 3.3GW of power plants in operation and under construction.
When all solar, hydro, wind and storage projects are in full operation from early 2021, its annual production is forecast to be 4.1TWh.
SN Power has a project pipeline of 2.5GW mainly across Asia and Sub-Saharan Africa while Scatec Solar has 9.5GW across solar, hydro, wind and storage.
Raymond Carlsen, Chief Executive Officer of Scatec Solar said: “Hydropower and solar photovoltaics are complementary technologies, resulting in new project opportunities, for instance floating solar on hydro reservoirs.
“With this transaction, we see great potential in broader project origination and geographical expansion into growth markets in South East Asia and Sub-Sahara Africa.”