Statkraft takes control of Nordic hydro capacity

13 October 2005 - European power company Statkraft has acquired hydroelectric power stations in Sweden and Finland with an average annual production of around 1.6 TWh.

The transaction of the assets follows an agreement reached earlier in the year between Statkraft and the Sydkraft group, now known as E.ON Sverige. The deal was worth approximately SEK 4.5bn ($573m).

Statkraft has assumed control of over 20 power stations in Sweden with a total average annual production of around 1.3 TWh. In Finland, the company now controls four power stations with an average annual output of 0.3 TWh.

All the power stations previously belonged to Graninge. Statkraft has also assumed the rights to the Graninge name.

Statkraft CEO, Bård Mikkelsen, said: "With this agreement, we gain access to hydroelectric production in Sweden and Finland. This gives us a solid platform for further growth in the Nordic region."

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