Statkraft has signed an agreement to buy a majority stake in the listed Chilean hydropower company Empresa Electrica Pilmaiqunu S.A.
The agreement initially includes the purchase of 70.47% of the shares and triggers a mandatory offer to all shareholders. Completion of the transaction requires fulfilment of certain conditions, including Statkraft acquiring a minimum of 75% of the shares.
Empresa Electrica Pilmaiqunu owns and operates the 52.5-megawatt Rucatayo hydropower plant in the south of Chile, including a transmission line connecting the power plant to the grid. The company also holds water rights for three hydropower projects in the same river. Two of the projects, the 54.3-MW Osorno and 50.8-MW Los Lagos are ready for construction, and the transmission line has the necessary capacity to connect all three projects.
Through SN Power, Statkraft has been active in Chile since 2004 with its 50% owned Tinguiririca Energia Joint Venture with Pacific Hydro. In June 2014, SN Power’s assets in Chile were operationally integrated into Statkraft.