Solarcentury expertise to help Statkraft ‘step up’ solar ambitions, CEO says

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Christian Rynning-Tønnesen, CEO at Statkraft. Image: Statkraft.

The acquisition of Solarcentury and its PV project pipeline represents a “big step up” for Statkraft as it looks to become one of the world’s leading renewable companies in the next five years, CEO Christian Rynning-Tønnesen has said.

Norwegian state-owned utility Statkraft announced the £117.7 million deal yesterday that will give it access to a 6GW solar pipeline in Europe and South America – complementing its 14.4GW of installed hydropower capacity and 1.6GW of wind.

“We are getting a company that is more competent in solar than we are ourselves,” Rynning-Tønnesen told PV Tech.

In a move to double down on utility-scale projects, UK-headquartered Solarcentury offloaded its residential solar unit earlier this year. The company has since secured funding for two facilities in the Netherlands, has been awarded development rights for three projects in Chile as part of a tender in the country and made its debut in Greece with the purchase of 284MW of solar projects. 

In its most recent full-year financial results, in which it posted record profit levels, Solarcentury said its integrated business model with five revenue streams allowed it to hedge against a short-term slowdown in development activity due to challenges related to COVID-19.

Reports originally emerged in April 2019 that Solarcentury was exploring a sale. Asked whether the pandemic has disrupted the acquisition process, Rynning-Tønnesen said it has “probably had some time effect, but little effect on price”.

Alongside Statkraft’s existing generation capacity, Rynning-Tønnesen said there is an “obvious strong combination” where the company can have flexible production by joining hydropower with the intermittency of solar and wind. The combination of all three technologies “will give a fully renewable and totally reliable” generation, he added. While acknowledging the strong potential to combine solar with storage, the CEO said the company is been primarily focusing on its PV portfolio for now.

The acquisition is expected to be completed by the end of 2020, and while there will be it will be an interim period in which Solarcentury could be kept as an isolated company, it will eventually be integrated into Statkraft. 

Read Next

April 20, 2021
Amazon has announced plans for nine new utility-scale solar and wind projects in the US, Canada, Spain, Sweden and the UK, putting it on track to powering all its activities with renewables by 2025.
April 16, 2021
There was a more than fourfold increase in corporate solar funding in Q1 2021 compared with the same quarter last year, amid strong demand for PV assets globally, according to new analysis by Mercom Capital.
April 15, 2021
Renewable energy software providers Power Factors and Greenbyte have joined forces, creating an entity that supports more than 75GW of solar, wind and energy storage assets globally.
April 15, 2021
Maxeon Solar Technologies intends to raise up to US$143.75 million through a share issue to help finance planned capacity expansions and R&D, with long-time partner TZS committing to an investment.
April 14, 2021
There is likely to be demand across Europe for producing hydrogen from renewable energy, but the right regulatory frameworks and legislation need to be in place for the green hydrogen industry to find success.
April 13, 2021
US independent power producer Catalyze has expanded its project pipeline to more than 2GW through the acquisition of commercial and industrial (C&I) solar developer PermaCity.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET
Solar Media Events
May 11, 2021