Statkraft to buy Solarcentury in latest solar-hydropower tie-up

The Norwegian hydropower business wants to pay €131 million for the London-based clean energy developer which claims to have brought to life 1.2 GWp of project capacity in seven countries since 2013.

Consolidation continues in the renewables industry with the news this morning Norwegian clean energy company Statkraft is set to acquire London-based rival Solarcentury in a near £118 million (€131 million) deal.

The move, which is expected to complete this year, subject to regulatory approval, will see Statkraft acquire Solarcentury's 6 GW project pipeline in Europe and South America, according to a statement released this morning by the Hanover Comms PR business used by Statkraft.

The acquisition could open up floating solar opportunities for a company which established its renewables reputation as a hydropower company.

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Statkraft CEO Christian Rynning-Tønnesen – quoted in the press release – said: “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. Just like hydropower and solar power complement each other, Statkraft and Solarcentury are an excellent fit in terms of purpose and people. Joining forces will accelerate our growth and continue to drive the energy transition forward.”

The acquisition mirrors a recently announced plan by Statkraft compatriot Scatec Solar to buy Norwegian state-owned hydropower company SN Power.

Solarcentury said it has developed 1.2 GWp of clean energy projects in seven countries since 2013 and the Statkraft press release listed growing markets in Spain, the Netherlands, France, Greece, Italy, Chile and the U.K. as promising markets for the London-based business.

Statkraft said it would acquire its rival's shares from London-based investors Scottish Equity Partners and Zouk Capital; Vantagepoint Capital, based in California; and from Grupo Ecos, which lists Panama City as its business address.

The Norwegian business has reportedly committed to developing 8 GW of solar and wind capacity by 2025.

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