Here, Scatec Solar came with the best offer, and we are pleased to contribute to a Norwegian company becoming a leader in both hydro and solar power. – Our goal was to land the best deal to deliver on Norfund’s mandate. In 2019, Norfund initiated a structured sales process of SN Power aimed at international financial and industrial players. Norfund’s board decided on 3 July to enter exclusive negotiations with Scatec Solar, and today an agreement has been signed. Teaming up with existing and new partners, we will capture opportunities in renewable energy that we so far have had to turn down, says Thorleifsson. – This deal means that we can quickly reinvest our capital. COVID-19 has also hit developing countries hard, with a slowdown in growth and rapidly rising unemployment. Large scale investments crucial to address climate crisis and COVIDĪccess to renewable energy is crucial for developing countries to grow out of poverty without exacerbating the climate crisis, and the World Bank has estimated a need for $ 900 billion in renewable energy investments by 2025 to meet developing countries’ energy needs. We see great opportunity in access to new growth markets as well as floating solar on reservoirs in combination with hydropower, says Raymond Carlsen, CEO of Scatec Solar. Hydropower and solar PV are complementary, yielding new project opportunities and further portfolio optimization.
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