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

People & Company News

U.S. Marshalls Ordered to Seize Kurdish Oil Cargo off Texas

Acting on a request from the central government in Iraq, a U.S. judge has signed an order telling the U.S. Marshals Service to seize a cargo of oil from Iraqi Kurdistan

Diana Containerships Q2 & 1H 2014 Financial Results

Greece-based Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has reported net income of $0.6 million for the second quarter of 2014,

Mercator Lines Profit Hit by Low Bulk Freight Rate

Mercator Lines (Singapore) reported a revenue of US$ 16.5 million for Q1 2015, an increase of 19% as compared to correspoding period in the previous previous year, however a net loss of US$ 7.

Contracts

Diana Containerships Q2 & 1H 2014 Financial Results

Greece-based Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has reported net income of $0.6 million for the second quarter of 2014,

China Shipyards Bag the Week's Ocean-going Newbuild Orders

Reported ordering this week has been exclusively focussed on the Chinese yards, says Clarkson Hellas in their latest 'S&P Weekly Bulletin'. Dry bulk carriers COSCO

Scorpio Tankers Report Q2, 1H 2014 Profit Slip

Scorpio Tankers Inc. has reported its results for the three and six months ended June 30, 2014. Highlights excerpted here as follows: Results for the three months ended June 30,

Environmental

Control of Emission from Vessels in Hong Kong Waters

Amendments to the Shipping and Port Control Ordinance (Cap. 313) and the Merchant Shipping (Local Vessels) Ordinance (Cap. 548) to enhance the control of dark

Desulfurization of Exhaust Gases in Shipping

Are shipowners prepared to enter SECA zones?   Due to existing regulations on air exhaust emissions from the International Maritime Organization (IMO), and with

Valemon Topsides Installed

On Monday, July 28, the topsides were lifted into place on the steel jacket on the Valemon field in the North Sea. Produced by Samsung Heavy Industries this is

Energy

Total Sells ts Coal Mining Assets to Exxaro

Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affiliate in South Africa.

Prelude By the Numbers

Out at sea, look! It’s a ship! It’s a floating rig! It’s SuperFLNG! While not “faster than a speeding bullet,” Shell’s shipzilla Prelude is certainly more powerful than a speeding locomotive,

FLNG Prelude: A New Dawn in the Age of Maritime & Energy

Longer than four football fields, as big as six Nimitz-class aircraft carriers and almost as tall as the Taipei 101 skyscraper, Royal Dutch Shell PLC is hoping that its record-setting,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pod Propulsion Salvage Ship Electronics 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: 0.1491 sec (7 req/sec)