Renewables leader Statkraft boosts solar capability with the acquisition of Solarcentury
Statkraft, Europe’s largest producer of renewable energy, has signed an agreement to acquire the solar pioneer Solarcentury. Together the companies are well positioned for accelerated growth in solar and to become one of the world's leading renewable energy companies.
Statkraft will gain access to a 6 GW pipeline (gross) in Europe and South America that combined with Statkraft's current project portfolio immediately positions the company as a leading developer in the European solar market. Solarcentury’s project pipeline spans many high-growth markets including Spain, the Netherlands, the UK, France, Greece, Italy and Chile.
The transaction is an acquisition of 100 per cent of the shares in Solarcentury Holdings and its subsidiaries. The main shareholders were previously Scottish Equity Partners, VantagePoint Capital Partners, Zouk Capital, and Grupo Ecos. The purchase price is 117.7 MGBP and includes net cash.
Solarcentury's geographical footprint is well aligned with Statkraft’s existing development portfolio and market operations. As a global leader in energy market operations Statkraft is uniquely positioned to add value to the acquired project pipeline through its market integration capabilities and has a target to develop at least 8 GW of wind and solar by 2025.
Solar capacity has grown 27 times over the last decade and solar energy is expected to outshine other renewables as the world’s largest source of electricity from 2035, according to Statkraft's Low Emission Scenario. In 2050, solar power is expected to account for 38 per cent of global power generation.
Christian Rynning-Tønnesen, CEO of Statkraft comments: “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.”
Frans van den Heuvel, CEO of Solarcentury commented: '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.'
Solarcentury is a global solar developer headquartered in London, UK with around 180 people across 12 countries. Since the company changed their strategic approach in 2013 it has developed 40 utility-scale projects totaling ca 1,200 MWp across 7 countries.
The transaction is conditional upon customary regulatory and local competition approvals and is expected to be completed by the end of 2020.
Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 4,000 employees in 17 countries. www.statkraft.com
Established in 1998, Solarcentury is a leading global solar power company that develops, constructs, owns and operates utility-scale solar and smart technology. Solarcentury is known internationally for developing and building some of the largest utility-scale solar projects in the UK, the Netherlands, Spain, Kenya and Mexico, including pioneering projects such as the world’s first solar bridge at Blackfriars Station in Central London. Solarcentury's mission is to make a meaningful difference in the global fight against climate chaos by making solar power the dominant energy source worldwide. During Solarcentury's 22-year history the business has helped solar power become mainstream, and our projects have generated 6 billion kWh of clean electricity, saving over 1.7 million tonnes of CO2 emissions.