Statkraft to become owner of UK's Solarcentury

Statkraft AS has agreed to buy UK solar project developer Solarcentury and gain access to its 6-GW pipeline of projects in Europe and South America.

The Norwegian state-owned energy company said on Monday it signed an agreement to acquire 100% of the shares in Solarcentury Holdings and its subsidiaries for GBP 117.7 million (USD 152.4m/EUR 130.5m), including net cash. The stock will be purchased from the target’s main shareholders Scottish Equity Partners, VantagePoint Capital Partners, Zouk Capital and Grupo Ecos.

London-headquartered Solarcentury has projects in “high-growth” markets among which are Spain, the Netherlands, the UK, France, Greece, Italy and Chile. The company has developed 40 utility-scale projects with a combined capacity of 1.2 GWp since 2013. According to the buyer, Solarcentury’s geographical footprint is “well-aligned” with its own development portfolio and market activities.

“This acquisition is in line with our strategy to ramp up as a wind and solar developer and become one of the leading renewable energy companies globally,” said Christian Rynning-Tonnesen, CEO of Statkraft. The company wants to develop at least 8 GW of fresh wind and solar power capacity by 2025.

The acquisition is subject to antitrust clearance and is scheduled to be finalised by end-2020.

(GBP 1.0 = USD 1.294/EUR 1.109)

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