Statkraft announces sale of Finnish hydroelectric power assets

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European energy producer Statkraft has entered into an agreement with a Finnish consortium for the sale of hydropower assets in Finland.

Under terms of the US$325 million deal, a consortium that includes Vantaan Energia, Turku Energia, Oulun Energia, Pori Energia and Oulun Seudun Sanko will assume Statkraft's shares in three hydropower projects that, cumulatively, accounts for about 66 MW of installed capacity.

Included are Statkraft's 13% interest in the Harjavalta hydropower plant, and 100% interests in the Koivukoski, Kolsi and Korkeakoski projects.

"The decision to sell the Finnish power plants is based on strategic considerations," CEO Christian Rynning-Tonnesen said in a statement. "After completing the transaction Statkraft will not have power generation assets in Finland, but we will still be an active participant in the Finnish electricity market."

HydroWorld.com reported earlier this month that Statkraft and the Norwegian Investment Fund for Developing Countries (Norfund) had completed restructuring of SN Power with an emphasis on developing hydrtopower.

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