Acquires hydropower plants in Sweden and Finland

01.07.2005 11:31 | stock exchange information

Statkraft and Sydkraft, the Swedish energy group, have today signed an agreement whereby Statkraft will acquire 24 hydropower plants in Sweden and Finland with an average annual production of approximately 1.6 TWh. The acquisition is based on an agreement in principle entered into last October between Statkraft and the German power company E.ON, a majority shareholder of Sydkraft.

The transaction price is approximately SEK 4.5 billion. Statkraft will take over ownership and operating responsibility with effect from 1 October 2005. Operation of the power plants will be coordinated with the operation of Statkraft's other power plants.
 
In Sweden, Statkraft will acquire 20 power plants with an average annual production of approximately 1.3 TWh. These power plants are located on the Ångermansälven, Skellefteälven and Gideälven rivers.
 
In Finland, Statkraft will acquire four power plants with an average annual production of approximately 0.3 TWh. These power plants are located by the town of Kotka in southeast Finland and several miles west of Tampere in southwest Finland.
 
Contact:
SVP Finance and IR Lisbeth Lindberg, tel: +47 24 06 72 86 / +47 99 52 31 50
EVP Jørgen Kildahl, tel.: +47- 24 06 73 75 / +47- 909 86 332