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

People & Company News

World’s Largest Boxship is DNV GL classed

CSCL Globe, the world’s largest containership and the first of a series of five 19,100 TEU containerships ordered by China Shipping Container Lines (CSCL) in 2013,

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

Japan Military Wants China "Crisis Management" Pact

Japan's highest-ranking military officer on Friday urged an early start to a "crisis management" mechanism with China amid conflicting claims to a group of tiny East China Sea islands.

Contracts

EU Regs on Ship CO2 Reporting Complicates IMO Agreement

ICS Concerned that EU will Preempt IMO CO2 Negotiations.   The global trade association for shipowners – the International Chamber of Shipping (ICS) – is disappointed

Asia VLCC Rates Could Could Climb Even More

Owners see rates climb by nearly $22,000 per day; Rates could peak as more tonnage comes free. Rates for very large crude carriers (VLCCs) on key Asian routes

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

Environmental

EU Regs on Ship CO2 Reporting Complicates IMO Agreement

ICS Concerned that EU will Preempt IMO CO2 Negotiations.   The global trade association for shipowners – the International Chamber of Shipping (ICS) – is disappointed

World’s Largest Boxship is DNV GL classed

CSCL Globe, the world’s largest containership and the first of a series of five 19,100 TEU containerships ordered by China Shipping Container Lines (CSCL) in 2013,

ESSA's Fleet Upgradation Environmental Driven

State-controlled Exportadora de Sal SA de CV of Mexico ("ESSA"), one of the world’s largest salt exporters with a 10-million-ton annual production, has strengthened

Energy

EU Regs on Ship CO2 Reporting Complicates IMO Agreement

ICS Concerned that EU will Preempt IMO CO2 Negotiations.   The global trade association for shipowners – the International Chamber of Shipping (ICS) – is disappointed

Asia VLCC Rates Could Could Climb Even More

Owners see rates climb by nearly $22,000 per day; Rates could peak as more tonnage comes free. Rates for very large crude carriers (VLCCs) on key Asian routes

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1889 sec (5 req/sec)