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BRIEF-Scatec Solar Acquires SN Power

Published 10/16/2020, 01:02 PM
Updated 10/16/2020, 01:10 PM

Oct 16 (Reuters) - Scatec Solar ASA SCAA.OL :
* REG-SCATEC SOLAR ACQUIRES SN POWER, BUILDING A GLOBAL
LEADER IN
RENEWABLE ENERGY
* TO ACQUIRE 100% OF SHARES IN SN POWER, A LEADING
HYDROPOWER
DEVELOPER AND IPP, FROM NORFUND
* TOTAL EQUITY VALUE OF USD 1,166 MILLION.
* COMBINED COMPANY WILL HAVE 450 EMPLOYEES, POWER PLANTS IN
14
COUNTRIES AND GROSS 3.3 GW OF PLANTS
* WHEN ALL PLANTS ARE IN FULL OPERATION FROM EARLY 2021,
MEDIAN
ANNUAL PRODUCTION IS EXPECTED TO BE 4.1 TWH.
* TRANSACTION INCLUDES SN POWER'S PORTFOLIO OF HYDROPOWER
ASSETS
IN PHILIPPINES, LAOS AND UGANDA
* SN POWER HAS A PROJECT PIPELINE TOTALING GROSS 2.5 GW
MAINLY
ACROSS ASIA AND SUB-SAHARAN AFRICA
* WILL FURTHER ACCELERATE GROWTH AND HAVE A COMBINED PROJECT
PIPELINE OF 9.5 GW ACROSS SOLAR, HYDRO, WIND AND STORAGE.
* NORFUND AND SCATEC SOLAR WILL ESTABLISH A NEW JOINT
VENTURE FOR
SN POWER'S SUB-SAHARAN AFRICA HYDRO ASSETS
* NORFUND WILL RETAIN A 49% STAKE AND SCATEC SOLAR HOLD 51%
IN
JOINT VENTURE AND SCATEC SOLAR WILL BE OPERATOR.
* IN 2019, SN POWER HAD PROPORTIONATE REVENUES OF NOK 1,766
MILLION AND EBITDA OF NOK 1,149 MILLION
* ACQUISITION THROUGH CASH FROM BALANCE SHEET, A $200
MILLION
VENDOR NOTE, A $150 MILLION TERM LOAN AND A USD 700 MILLION
ACQUISITION FINANCING
* COMBINED COMPANY WILL HOLD PROPORTIONATE NET DEBT,
INCLUDING A
OF NOK 18 BILLION OF WHICH NOK 6.8 BILLION AT GROUP LEVEL

Source text for Eikon: ID:nGNE2Q7yY4
Further company coverage: SCAA.OL

(Gdansk Newsroom)

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