Norway’s Småkraft and Norsk Grønnkraft will merge to create the largest operator of small-scale hydropower plants in Europe.
Sigbjørn Rabbe, head of operations at Småkraft AS, said: “Aquila Capital is committed to sustainable operations and growth in the Norwegian hydropower market. As well as the obvious natural resources in the country there is a deep pool of local expertise to manage the plants, which we use at every opportunity. We are determined to build the trust of local communities, adding value and ensuring the highest standards of safety and respect for the environment while at the same time recognising the landowner’s rights.”
The newly created entity will be known as Småkraft and consist of 90 hydropower plants in operation with an annual production of just under 1 TWh.
Oldrik Verloop, managing director at Aquila Capital and Board Member at Småkraft, added: “The merger is the next logical step to further consolidating our existing hydropower operations in Norway. Also, with the formation of a dedicated hydropower construction firm we aim to build five to ten plants every year and with that contribute to increasing the share of renewables in the European energy mix. We are confident that Småkraft will be one of the leading hydropower players in Europe and these developments underline our interest and engagement in the sector.”
To date Aquila Capital manages over 100 hydropower plants with an installed capacity of approximately 400 MW.