Norway’s state-owned hydropower company Statkraft has acquired the remaining 18.69% stake in its Brazilian subsidiary Statkraft Energias Renováveis (SKER), to become its sole owner.

Statkraft acquired the stake from Fundação dos Economiários Federais (FUNCEF), the third-largest pension fund in Brazil.

Based in Florianópolis, Santa Catarina (SC), SKER has been present in Brazil since 2009.

Currently, the company controls 14 hydropower plants and 4 wind farms in the country, with around 450MW of installed capacity in operation.

The company is also investing around R$3.4bn ($691m) in 600MW of wind power under construction, and recently acquired 260MW of operating assets.

In addition, SKER is in the final stages of construction at the Santa Eugênia Wind Complex, located in Bahia, the Northeast region of the country.

Santa Eugênia comprises 14 wind farms, totalling 91 wind turbines with 5.7MW capacity each.

The wind complex is anticipated to produce 2,300GWh renewable energy annually, which is adequate to power 1.17 million Brazilian households.

Statkraft International executive vice president Ingeborg Dårflot said: “With this acquisition, we will be able to bring even more agility to our strategic plan by increasing our ownership in Brazil.

“I would also like to thank Funcef for the long successful partnership we had along this journey together.”

Statkraft is also building a greenfield wind project in the state of Bahia, dubbed Morro do Cruzeiro, which is an expansion of the operational Brotas de Macaúbas Wind Complex.

The expansion project comprises 14 turbines and will generate 386GWh of renewable energy annually, which is adequate to power more than 190,000 households.

Last month, Statkraft signed an agreement with Spanish renewable energy company EDPR, to purchase two wind farms in Brazil.

Recently, the company obtained approval from the Brazilian Electricity Regulatory Agency (ANEEL) for seven solar projects with a total installed capacity of 228MW in Bahia.

The solar projects are extensions of the Brotas de Macaúbas complex, Morro do Cruzeiro complex, and Santa Eugênia Winds complex.