SN Power, the Norwegian utility-venture capital JV, has completed the acquisition of Electroandes in Peru.

In a statement, SN Power said it paid US$390M, including the existing debt of US$106M. The deal is the JV’s largest acquisition and has been completed on schedule and under the financial terms previously agreed, and issued, last month.

The deal brings 180MW of hydro capacity and makes SN Power the fifth biggest power player in Peru, where it already has 115MW operated by Cahua. The JV plans to consolidate the operations.

‘We expect the new management team to be in place by the end of this year, and they will then start working on making an integrated organisation,’ said SN Power Latin America’s VP Nils Huseby.

SN Power is a JV between Norwegian power utility Statkraft and risk capital investor Norfund, also of Norway. With the close of the deal in Peru, the JV holds investments of US$800M in six countries, has a portfolio of 806MW and 565MW under construction, and total production is 5532GWh per year.

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