Wikborg Rein has assisted Norfund with the sale of SN Power to Scatec Solar

We have assisted Norfund in connection with Scatec Solar's acquisition of SN Power. The parties have entered into an agreement for the sale of all shares in SN Power for a value of approximately NOK 10.9 billion.

Norfund has invested in hydropower since 2002, and SN Power was established in 2013. Under Norfund's ownership, SN Power has established itself as one of the leading hydropower companies in developing countries, and the plants produce power equivalent to the electricity consumption of 7 million people and help to avoid 3 million tonnes of greenhouse gas emissions annually.

– The deal opens new opportunities for us to reinvest capital in projects that are crucial to fight poverty and avoid carbon emissions, says Norfund's CEO, Tellef Thorleifsson.

As part of the agreement, Norfund and Scatec Solar will cooperate on SN Power's projects in Africa, where Norfund retains a 49% ownership interest.