Renewable power producer Scatec on February 1 confirmed that it had received all necessary approvals for its $1.16-billion buyout of SN Power from Norfund and that all suspensive conditions have been met.
“This acquisition forms a very important part of our broadened growth strategy, with ambitions to become a global player in solar, hydro, wind and storage solutions, and an integrator of high-value infrastructure solutions," said Scatec CEO Raymond Carlsen.
Through the acquisition of SN Power, Scatec will significantly increase scale and cash flow from operating plants, with a total of 3.3 GW in operation and under construction, and a project pipeline of almost 10 GW. The company will have 450 employees, power plants in 14 countries and the median annual production is expected to be 4.1 TWh when all plants are in full operation.
"We are looking forward to start working together with our new colleagues from SN Power and I trust that we will be successful in building a global leader in renewable energy," said Carlsen.
The acquisition is fully funded through cash and a $200-million vendor note, a $150-million term loan and a $400-million acquisition finance facility provided by Nordea, DNB and Swedbank.