Statkraft has signed an agreement to acquire Solarcentury. Together, the companies are well placed to boost solar growth and to become one of the world’s leading companies in renewable energy.
In Europe and South America, Statkraft will gain access to a 6 GW (gross) pipeline that, coupled with the current project portfolio of Statkraft, will instantly place the company as a leading developer in the European solar industry.
The project pipeline for Solarcentury includes a range of high-growth markets, including Spain, the Netherlands, the UK, France, Greece, Italy and Chile.
The deal includes the purchase of 100 percent of the stock in Solarcentury Holdings and its subsidiaries. Scottish Equity Partners, VantagePoint Capital Partners, Zouk Capital, and Grupo Ecos were previously the major shareholders.
The purchase price is £117.7 million and includes net cash.
The regional footprint of Solarcentury is well matched with the current growth portfolio and business operations of Statkraft. As a global leader in energy sector operations, Statkraft is strategically positioned through its market integration capabilities to add value to the acquired project pipeline and has the objective of generating at least 8 GW of wind and solar power by 2025.
In the last decade, solar capacity has increased 27 times and, according to Statkraft’s Low Emissions Scenario, solar energy is projected to outshine other renewables as the world’s largest source of electricity by 2035. Solar power is estimated to account for 38 percent of global power production in 2050.
“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.“Christian Rynning-Tønnesen, CEO of Statkraft.
“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.“Frans van den Heuvel, CEO of Solarcentury.