Solarcentury`s 6 GW pipeline (gross) in Europe and South America combined with Statkraft’s current project portfolio 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.
Solarcentury's Talayuela solar park in the Spanish region of Extremadura is one of the largest (300 MWp) solar parks built without subsidies so far in Spain.
Purchase price 117.7 million British Pounds
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.
Target to develop at least 8 GW solar and wind by 2025
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 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, according to the company.
Read more: Svea Solar acquires Solarcentury’s residential solar business
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 Emissions Scenario. In 2050, solar power is expected to account for 38 per cent of global power generation.
Ramp up as a wind and solar developer
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."
Benefit from a larger balance sheet
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.”
40 utility-scale solar projects developed since 2013
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 MW 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. (hcn)
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