Norwegian state-owned power utility Statkraft has signed a deal to buy 24 hydro power plants in Sweden and Finland for approximately US$565M.

Statkraft will take over ownership from 1 October 2005. The company will acquire 20 Swedish plants located on the Ångermansälven, Skellefteälven and Gideälven rivers, with an average production of approximately 1.3TWh/yr.

A further four plants are located in Finland near Kotka in southeast Finland and west of Tampere on the Kumo and Kymmene rivers, with an average production of roughly 0.3TWh/yr.