February 21 (Renewables Now) - Dutch asset management firm APG said earlier this week that it has invested EUR 250 million (USD 270m) in Norwegian small hydropower plants (HPPs) operator Smakraft AS for local pension fund ABP.
The latest transaction brings the asset manager's total investment in the company to EUR 550 million.
Smakraft will use the new capital to build ten small HPPs in Norway by 2022, which will produce 130 GWh of power annually.
The company already has 110 operational HPPs in its portfolio, which makes it the biggest operator of small HPPs in Europe. Smakraft's assets currently generate almost 1.2 TWh of power annually.
The investment is also in line with ABP's strategy of boosting investments in sustainable energy to EUR 15 billion.
(EUR 1.0 = USD 1.080)