The acquisition enables Statkraft to gain access to 6GW of solar projects pipeline across Europe and South America
Solarcentury's Talayuela solar park in Spain. (Credit: Solar Century Holdings Ltd.)
Statkraft, a Norwegian state-owned renewables company, has entered into an agreement to buy Solarcentury, a UK-based solar energy developer, for £117.7m.
Through the deal, Statkraft will gain access to 6GW of solar projects pipeline in Europe and South America.
Statkraft stated that Solarcentury’s geographical footprint is aligned well with its existing development portfolio and market operations.
The project pipeline of Solarcentury is spread across key markets, including Spain, the Netherlands, the UK, France, Greece, Italy and Chile.
Statkraft CEO Christian Rynning-Tønnesen said: “This acquisition is in line with our strategy to ramp up as a wind and solar developer and become one of the leading renewable energy companies globally. Just like hydropower and solar power complement each other, Statkraft and Solarcentury are an excellent fit in terms of purpose and people.
“Joining forces will accelerate our growth and continue to drive the energy transition forward.”
Solarcentury developed 1.2GW projects across 7 countries
Statkraft will acquire 100% of the shareholding in Solarcentury and its subsidiaries from Scottish Equity Partners, VantagePoint Capital Partners, Zouk Capital, and Grupo Ecos, who own the solar developer.
Solarcentury is headquartered in London and has a workforce of about 180 across 12 countries. The company claims to have changed its strategic approach in 2013 and since then, it has developed 40 utility-scale projects with nearly 1.2GW in 7 countries.
The deal is subject to customary regulatory and local competition approvals and is expected to be completed by the end of this year.
Solarcentury CEO Frans van den Heuvel said: “Solarcentury has grown entirely organically since 2007 into a highly profitable business. To continue to grow at the pace that is possible given the market we’re operating in, we will benefit from a larger balance sheet and this has resulted in us seeking new ownership.
“Statkraft is the perfect match for us given their ambition to invest in and grow their solar portfolio.”