Norway’s Statkraft to purchase UK Solarcentury for £118m

Norway’s Statkraft to purchase UK Solarcentury for £118m: Norwegian state-owned utility Statkraft has reported the acquisition of UK solar panel manufacturer Solarcentury in a deal estimated at £118 m.

The energy company will attain access to a 6GW pipeline in South America & Europe, as well as the UK, Spain, France, Greece and Italy, upholding Statkraft’s determination to cultivate at the minimum of 8GW of solar and wind capacity by 2025.

The transaction is a procurement of 100% of the shares in Solarcentury Holdings and its subsidiaries.

Statkraft’s research indicates that after having grown 27 times over the last decade, solar energy will outperform other renewables as the world’s biggest source of electricity from 2035.

Solar power is anticipated to account for about 38% of global electricity generation by 2050.

Christian Rynning-Tønnesen, CEO of Statkraft says: “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.”

The deal is conditional to regulatory and local competition approvals & is predicted to be completed by the end of the year.

Norway’s Statkraft to purchase UK Solarcentury for £118m

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