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.


People & Company News

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

DNV GL Backs John Laing on First Offshore Wind Investment

DNV GL successfully completed its due diligence work of the offshore wind farm “Nordergründe” in the North Sea, reviewing and quantifying the technical risks of the project.

MobileOps Pursuing Maritime Business

Redmond, Wash. based MobileOps, Inc., a software company specializing in the design and development of maritime software applications (dispatch, safety, compliance,

Contracts

Austal Dives into Loss

Australia’s largest shipbuilder Austal posted a full year loss of $84.28 million because a program to build war ships for the US Navy took longer than expected.

Russian Shipbuilder Signs $1 bln Oil Rigs Contract with Iran

Russian shipbuilder Krasnye Barrikady and Iran's Tasdid Offshore Development Company (TODC)  have signed a deal worth $1 billion to build five offshore drilling

BP, ExxonMobil, ConocoPhillips 'Quit' Alaska LNG Project

BP, Conoco Phillips, and Exxon Mobil said that the 65-billion dollar megaproject would be too unprofitable for them to move into the next phase of development.

Environmental

Doing Business Differently to Meet Sustainability Targets: DNV GL

Pressure is mounting on the global oil and gas industry to reduce environmental footprint at the same time as the industry is under significant cost pressure.    Since

GoM Operators Evacuating Ahead of Storm

Offshore oil and gas operators in the Gulf of Mexico are evacuating platforms and rigs in the path of Tropical Depression No. 9.   The Bureau of Safety and Environmental

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

Energy

Jt Study by MOL, Yokohama University for Improving Ocean Shipping Market Forecast

Mitsui O.S.K. Lines, Ltd. today announced that the company and its subsidiary MOL Information Systems, Ltd. have signed a contract with Yokohama National University

DNV GL Launches New Approach to Manage Uncertainty in Risk Assessment

There is increasing emphasis from regulators on addressing uncertainty in risk assessments to improve safety. DNV GL’s new paper, ‘Enabling confidence – addressing uncertainty in risk assessments’,

Gasum, Wärtsilä Join Forces to develop Gas Value Chain

New joint co-operation between Gasum and Wärtsilä aims to develop the utilization and distribution of natural energy gases in marine and land markets. Gasum,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1343 sec (7 req/sec)