Upon completion of the transaction, Statkraft will be the majority owner of Desenvix, which owns, operates and maintains hydro and wind power plants in Brazil.
Statkraft already holds 44.45% stake in Desenvix.
Scheduled to be completed in the second quarter of 2015, the transaction is subject to approvals by the third owner of Desenvix, Brazilian pension fund FUNCEF (18.7%), as well as by certain creditors, the Brazilian Electricity Regulatory Agency (ANEEL), and the Brazilian Antitrust Agency (CADE).
Desenvix, upon completion of the transaction, will hold shares in ten hydropower plants, one wind farm, a project portfolio of mainly small scale hydropower, and minority stakes in two transmission lines.
Additionally, Desenvix will own the subsidiary ENEX that operates and maintains the power plants.
Statkraft CEO Christian Rynning-Tønnesen said: "Since the original investment in 2012, Statkraft has sought to increase its ownership of Desenvix.
"Combining Desenvix’s experience in the Brazilian market and Statkraft’s core competence in power generation and trading constitute a powerful platform for further growth in Brazil."
