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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Scatec Solar ASA    SSO   NO0010715139

SCATEC SOLAR ASA

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Norway's Scatec Solar to buy hydropower firm SN Power in $1.17 bln deal

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10/16/2020 | 04:16am EDT
Norwegian solar panel maker Scatec Solar CEO Carlsen poses for a photo in Oslo

OSLO (Reuters) - Norwegian solar firm Scatec Solar said on Friday it had agreed to buy state-owned hydropower firm SN Power in a $1.17 billion deal as it transforms itself into a global renewables company.

Shares in Scatec Solar were up 25.7% by 0743 GMT.

The combined company would have 450 employees and own 3.3 gigawatts of in operation and under construction power plant capacity in 14 countries, and annual production of 4.1 terawatthours (TWh), Scatec Solar said in a statement.

Scatec owns and runs solar farms in Africa, Asia, Europe and Latin America, while SN Power builds and operates dams in southeast Asia and Africa.

"Hydropower and solar PV (photovoltaics) are complementary technologies, resulting in new project opportunities, for instance floating solar on hydro reservoirs," Scatec Solar CEO Raymond Carlsen said.

The deal would also help Scatec Solar expand in growth markets for renewable energies such as sub-Saharan Africa and southeast Asia, Carlsen said.

The firm it planned to further branch out into wind and electricity storage.

While many traditional utilities have announced deals to expand into green power assets to cut greenhouse gas emissions, the latest acquisition is one of only a few M&A deals between renewables firms.

"We strongly support the transition from harmful coal towards clean solar and wind energy globally," Eric Pedersen, head of responsible investments at Nordea Asset Management, said of the deal on Friday.

Scatec Solar is buying 100% of the shares in SN Power, owned by Norfund, an investment fund for developing countries owned by the Norwegian state, for a total equity value of about $1.17 billion.

"Today, we are witnessing an excellent example of how smart, green and sustainable investments in developing countries can be profitable and thus help with both solving the climate crisis and reducing poverty," Norwegian minister for international development Dag-Inge Ulstein said in a statement.

The government would reinvest the capital into new projects, he added.

(Editing by Rashmi Aich and Jason Neely and Kirsten Donovan)

By Nora Buli and Gwladys Fouche


Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX 0.45% 487.57 Delayed Quote.-9.52%
NORDEA BANK ABP. -0.19% 69.58 Delayed Quote.-7.84%
S&P AFRICA 40 INDEX 0.37% 161.66 Delayed Quote.-6.71%
SCATEC SOLAR ASA -0.89% 245.8 Delayed Quote.99.84%
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All news about SCATEC SOLAR ASA
10:30aSCATEC SOLAR ASA : - Contemplated private placement
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10/16Norway's Scatec Solar to buy hydropower firm SN Power in $1.17 bln deal
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10/16THIRD QUARTER 2020 : Increased power production and growth in project pipeline
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10/16INVITATION TO INVESTOR PRESENTATION : 00 am CEST
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10/16THIRD QUARTER 2020 : Increased power production and growth in project pipeline
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10/16SCATEC SOLAR : acquires SN Power, building a global leader in renewable energy
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10/13SCATEC SOLAR ASA : quaterly earnings release
10/06SCATEC SOLAR : Invitation to presentation of Scatec Solar's third quarter result..
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10/06SCATEC SOLAR : 47 MW Redsol project has started commercial operation
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09/16BLACKROCK : Disclosure of Significant Shareholding under the Norwegian Securitie..
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Financials
Sales 2020 2 930 M 316 M 316 M
Net income 2020 212 M 22,8 M 22,8 M
Net Debt 2020 9 784 M 1 055 M 1 055 M
P/E ratio 2020 191x
Yield 2020 0,55%
Capitalization 34 138 M 3 669 M 3 680 M
EV / Sales 2020 15,0x
EV / Sales 2021 11,7x
Nbr of Employees 335
Free-Float 76,4%
Chart SCATEC SOLAR ASA
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Technical analysis trends SCATEC SOLAR ASA
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 6
Average target price 219,17 NOK
Last Close Price 248,00 NOK
Spread / Highest target 29,0%
Spread / Average Target -11,6%
Spread / Lowest Target -51,6%
EPS Revisions
Managers
NameTitle
Raymond Carlsen Chief Executive Officer
John Andersen Chairman
Mikkel Trud Chief Financial Officer
Jan Steffen Skogseth Independent Director
Liv Gisle Marchand Independent Director
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