Scatec Solar has reached a binding deal to buy the entire shares of hydropower firm SN Power AS from Norfund for a cumulative equity value of $1.166 billion. According to a press release, the transaction is entirely funded via a combination of cash available from Scatec Solar’s balance sheet, a $150 million term loan, a $200 million vendor note, and a $700 million purchase funding from Swedbank, DNB, Nordea and BNP Paribas. It covers SN Power’s portfolio of hydropower assets in Laos, the Philippines and Uganda, having an overall gross capacity of 1.4 GW (net 0.5 GW) and a gross median yield of 6.1 TWh (net 1.8 TWh).
