The acquisition of the majority stake will trigger a mandatory offer to all shareholders.
The transaction requires Statkraft to acquire about 75% of the shares.
Pilmaiquén owns and runs the 52.5MW Rucatayo hydropower facility in the southern part of the country and the transmission line that links the plant to the grid.
The power plant has the capacity to generate 309GWh a year.
Pilmaiquén owns the water rights to develop three additional hydropower projects on the same river, including the 54.3MW Osorno and 50.8MW Los Lagos schemes.
The transmission line has the required capacity to link all the three projects. Empresa employs 43 people locally and in Santiago.
The acquisition of Pilmaiquén forms part of Statkraft’s aim to expand its presence in international hydropower.
Statkraft executive vice-president international hydropower Øistein Andresen said: "This acquisition strengthens Statkraft’s position in Chile and expands our project portfolio for further growth within international hydropower."
Statkraft has been operating in Chile since 2004 via SN Power.
Image: The Rucatayo hydropower plant in Chile. Photo: Courtesy of Empresa Electrica Pilmaiquen S.A.
