Scatec Solar ASA (OB:SSO) signed a binding agreement to acquire SN Power AS from Norfund for NOK 10.9 billion on October 16, 2020. The transaction includes SN Power's portfolio of hydropower assets in the Philippines, Laos and Uganda. The acquisition is fully funded through a combination of $116 million (NOK 1.09 billion) cash available from Scatec Solar's balance sheet, a $200 million (NOK 1.87 billion) vendor note from Norfund, $150 million (NOK 1.4 billion) term loan and $700 million (NOK 6.6 billion) in acquisition financing from Nordea, DNB and Swedbank and BNP Paribas. Scatec Solar will continue to be listed on Oslo Stock Exchange and intends to change its name to Scatec. The parties will collaborate on SN Power's projects in Africa, where Norfund retains a 49% stake. In 2019, SN Power had revenues of NOK 1.77 billion, EBIT of NOK 958 million and EBITDA of NOK 1.15 billion. The transaction is conditional upon customary regulatory approvals, local competition approvals, partners and lenders. The transaction is approved by The Philippine Competition Commission on January 14, 2021. As on January 17, 2021, Scatec has now received all necessary regulatory and local competition approvals. The transaction is expected to be completed in the second quarter of 2021. As of October 20, 2020, the transaction is expected to close in first half of 2021. As of January 18, 2021, the transaction is expected to close in first quarter 2021.

J.P. Morgan and SpareBank1 Markets acted as financial advisors, Selmer acted as legal advisor, EY acted financial and tax due diligence advisor, Multiconsult acted as environmental & social due diligence provider and Sweco acted as technical and environmental & social due diligence advisor to Scatec Solar in connection with the transaction. Nomura Securities International, Inc. acted as financial advisor and Ketil E. Bøe of Wikborg Rein & Co. acted as legal advisor to Norfund. RobinBayley, Nikhil Markanday, Simon Cowled, Kelly Malone, Aaron C. Lee, Marcus Young and Daniel J. Friel of King & Spalding LLP acted as legal advisor to Scatec Solar ASA. Jackson Allen, Oliver Bacon, Kenneth Chen, Steven Dejong, John Geraghty, Alexandra Ioppolo, Noparat Kaewsringarm, Oliver Mills, Paridhi Poddar, Tim Scales and Jessica Stratford of Allen & Overy LLP acted as legal advisors to Norfund.