2020, the year of the unexpected

On 16 October SN Power’s owner, Norfund, signs a share purchase agreement with Scatec ASA for the sale of 100% of the shares in SN Power AS, the parent company of SN Power. The transaction is expected to close in the first quarter of 2021. Norfund will remain the owner of 100% of Agua Imara which was divested from SN Power in 2020, and 49% of the shares in the African portfolio of SN Power.

2020 has been a year of the unexpected. Since the start of the pandemic SN Power has focused on maintaining safe operation of the existing more than 1,500 MW of assets, and through extensive planning and steady execution all critical maintenance activities have been carried out as planned and none of the powerplants have had outages as a consequence of the pandemic. Further, our specialist competence and business development capacity have been engaged in a wide variety of project activities to meet a growth target of 150 equity MW per year. Despite the unexpected and challenging events of the year, we have achieved several milestones:

  • Progressed the Ruzizi III project (147 MW).
  • In partnership with EDF, been prequalified as sole bidder for the strategic sponsor role for the Mpatamanga project in Malawi (350 MW).
  • Progressed Private-Public Partnership discussions with the Government for the Middle Yeywa project in Myanmar (735 MW).
  • Prepared the Alimit project in the Philippines (140MW) for investment decision.
  • Prepared the integration with Scatec ASA to form a global leader in renewable energy.