Statkraft, Norfund Agree to Further Cooperation

MarineLink.com
Thursday, June 20, 2013

Statkraft and Norfund have signed an agreement expressing their intention to restructure and prolong their cooperation within renewable energy. The aim, they said, is to create a leading international hydropower cluster, based on assets from Statkraft, SN Power and Agua Imara.

The parties have agreed with binding effect that Norfund's option to sell its shares in SN Power to Statkraft in Q4 2013 is postponed to Q2 2014.

The agreement contains the framework for future ownership structure and cooperation. The aim is to reach final and binding agreements by the end of Q4 2013, prolonging the companies' strategic cooperation in renewable energy with a strong focus on hydropower in emerging markets.

The main elements of the proposed new structure and cooperation are:
 

  • Statkraft will own 67% and Norfund 33% of SN Power's existing portfolio in South Asia & South America, which will be operationally integrated with Statkraft's portfolio in Southeast Europe.
  • A new company called SN Power will be created, consisting of existing SN Power's portfolio in South East Asia and Agua Imara's portfolio in Africa and Central America, forming three separate regions within the company.
  • Regional Norwegian power companies BKK and TrønderEnergi will be invited to participate with ownership interests in SN Power and consent to the proposed structure. The intention of the Parties is also to invite one or two financial investors into the company at a later stage, with the aim that Statkraft and Norfund thereafter will own around 40 per cent each of SN Power. Remaining shares will be held by BKK, TrønderEnergi and new financial investors.
  • A separate Project and Construction unit will be established within Statkraft International Hydropower, which shall be a preferred supplier of project and construction execution services to all international hydropower projects within Statkraft and SN Power.  

 
The agreement includes an intention that the put option program in the current shareholders agreement for SN Power, which gives Norfund options to sell its shares in SN Power to Statkraft in 2013, 2014 and 2015, is replaced by a revised put/call option program for the period 2017 onwards.

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ICC Conference Focuses on Platform to Settle Disputes

The 5th ICC International Commercial Mediation Conference has brought together leading mediators, arbitrators, corporate managers and in-house counsel from around

Keystone XL Costs to Nearly Double - TransCanada

The total cost of TransCanada Corp's controversial Keystone XL pipeline is likely to nearly double following six years of regulatory delays, a company spokesman said on Friday.

Chevron To Find Buyers for Hawaiian Refinery

Chevron Corp has hired an investment bank to identify potential buyers of its 54,000 barrel-a-day refinery in Kapolei on the Hawaiian island of Oahu, a company official said.

Contracts

Rosneft says Exxon Still Continues to Work With it in Arctic

Russia's biggest oil producer Rosneft said on Saturday that Exxon Mobil was still continuing exploration drilling at their joint project in the Arctic Kara Sea.

ICC Conference Focuses on Platform to Settle Disputes

The 5th ICC International Commercial Mediation Conference has brought together leading mediators, arbitrators, corporate managers and in-house counsel from around

Keystone XL Costs to Nearly Double - TransCanada

The total cost of TransCanada Corp's controversial Keystone XL pipeline is likely to nearly double following six years of regulatory delays, a company spokesman said on Friday.

Environmental

Ban Welcomes Leonardo DiCaprio as UN Messenger of Peace

As the eyes of the world turn to New York City, where thousands of people are expected to gather today for a massive march in advance of a United Nations climate summit,

University of California Not to Divest from Fossil Fuels

The University of California voted on Friday to maintain its investments in fossil fuels, frustrating a student-led effort to divest its portfolio in oil, natural gas and coal.

Chevron To Find Buyers for Hawaiian Refinery

Chevron Corp has hired an investment bank to identify potential buyers of its 54,000 barrel-a-day refinery in Kapolei on the Hawaiian island of Oahu, a company official said.

Energy

Rosneft says Exxon Still Continues to Work With it in Arctic

Russia's biggest oil producer Rosneft said on Saturday that Exxon Mobil was still continuing exploration drilling at their joint project in the Arctic Kara Sea.

EMGS - New Contract in the Norwegian Sea

Electromagnetic Geoservices ASA (EMGS) announced an agreement from Statoil Petroleum AS for the Norwegian Sea. EMGS has now received a new contract from another oil and gas company worth USD 1.

Deep Sea Supply takes Delivery of 'Sea Triumph'

The Deep Sea Supply  took delivery of the newbuilding Platform Supply Vessel 'Sea Triumph'  on Thursday 18 September.  The vessels 'Sea Triumph' is a STX 05-L

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1562 sec (6 req/sec)