European photovoltaic (PV) company Scatec Solar will be acquiring 100% of the shares in hydropower developer and independent power producer (IPP) SN Power from Norwegian investment fund Norfund for just over $1.1-million. The acquisition forms an important part of Scatec’s broadened growth strategy, with an ambition to become a global large-scale player in solar, hydro, wind and storage solutions, and an integrator of high-value infrastructure solutions. Scatec and SN Power have a unique and complementary portfolio of assets, geographical footprint and capabilities, and will together hold a large project pipeline across solar, hydro, wind and storage, the companies noted in an October 16 statement.
