STATKRAFT AND NORFOND have jointly established Statkraft Norfund Power Invest with US$133.4M in start-up capital to invest in, develop and operate hydro power projects in emerging markets.

‘We are extremely pleased to have Norfund as our partner in this international commitment,’ said Bård Mikkelsen, chief executive officer of Statkraft.

‘With our competence in the field of hydroelectricity and Norfund’s international experience, the foundation is laid for a company with considerable development potential in a world that has an increasing demand of non- polluting, renewable energy.’

‘Energy is a precondition for development and there is a great need to produce more energy in developing counties,’ added Per Emil Lindøe, managing director of Norfund. ‘In Norway, we have a high level of competence in the field of hydro power, and Statkraft is one of the major players that we are happy to co-operate with.

‘I am convinced that the investments will generate positive development effects and at the same time provide good financial results.’