Scatec Solar, a renewable energy developer, has agreed to buy a fellow Norwegian company and Norfund portfolio company, SN Power, for $1.17 billion.
This deal takes a step further in Scatec's aim to become a global renewables company with a diverse set of clean energy assets. SN Power operates in Southeast Asia, Africa, and Central America acquiring deals to construct and operate hydropower, which Scatec will help expand.
Through the deal, Norfund will get $966 million in cash and $200 million as credit. It will use the proceeds from this deal to invest in clean energy projects. Scatec will hold 51% of the new formed company whereas Norfund will hold the rest 49%. The transaction is expected to close in the first half of 2021.