The acquisition is expected to be completed this year. The deal is subject to regulatory approval, media reports said. The company will acquire Solarcentury’s six gigawatt project pipeline in Europe and South America.

Statkraft is Europe’s largest generator of renewable energy. Solarcentury said that it has developed 1.2 GWp of project capacity in seven countries over the last seven years. Christian Rynning-Tonnesen, chief executive officer of Statkraft, told the media, “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.”

The London-based company said that it would acquire it’s rivals shares from Scottish Equity Partners, Zouk Capital; Vantagepoint Capital and Grupo Ecos. In addition, Statkraft has signed a power purchase agreement with BayWa r.e. in Spain for the Tordesillas solar farm, media reports said. The signed power purchase agreement will come into effect next year, enhancing its position as a leading supplier in renewable energy. 

The project which is located in central Spain is a 41.7MW solar facility commissioned in the first half of next year. The facility is expected to generate 74GWh of solar energy, which in turn will save 19 tonnes of carbon emissions.

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