Scatec closes $1.2B acquisition of SN Power

Scatec ASA closed the acquisition of Statkraft Norfund Power AS from Norfund for a total equity value of $1.20 billion after receiving all the necessary approvals and conditions being fulfilled earlier in January, Scatec said Jan. 29.

Both companies are headquartered in Norway. Scatec's acquisition of independent power producer Statkraft Norfund Power, known as SN Power, is funded by a combination of cash, a $200 million vendor note, a $150 million term loan and a $400 million acquisition finance facility provided by Nordea, DNB and Swedbank, Scatec said in a Jan. 29 news release.

Prior to the deal closing, SN Power completed the acquisition of its first wind energy facility, the 39.4-MW Dam Nai wind project in Vietnam, from Mekong Wind Pte. Ltd., owned by Singapore-based Armstrong Southeast Asia Clean Energy Fund Pte. Ltd. Scatec said the wind farm is expected to generate annual revenues of $10.5 million under Vietnam's 20-year feed-in tariff scheme.

As part of the acquisition, Scatec appointed Jarl Kosberg executive president of project development of hydropower, reporting to Scatec CEO Raymond Carlsen.