Statkraft SF transfers power plants to Statkraft Energi AS

14.03.2013 08:00 | stock exchange information

(Oslo, 14 March 2013)The leased power plants Sauda I-IV, Svelgen I and II as well as Tysso II are transferred from Statkraft SF to Statkraft Energi AS. The power plants have a total installed capacity of 620 MW. The transfer takes place as a contribution in kind and the transaction will be carried out in the first half of April this year.

During the reorganisation of the Statkraft Group in 2004, the power plants that were leased to businesses in the power-intensive industry remained in Statkraft SF. Due to statutory licence provisions, these power plants were not transferred to Statkraft Energi AS at the time, unlike the other Norwegian hydropower plants. In the agreements and other documentation relating to the reorganisation, it was assumed that these power plants would be transferred as soon as licensing statutes permitted.

Following the amendment of the Industrial Licensing Act in 2010, there are no longer any legal licence-related obstacles to transferring the leased power plants to Statkraft Energi AS.

"There are major ownership-related and practical advantages in gathering all the Norwegian power plants formerly owned by the state in Statkraft SF in Statkraft Energi AS. With this transfer, we are completing the reorganisation of Statkraft as originally intended," says executive vice president Asbjørn Grundt.

Under the transfer, Statkraft Energi AS takes over all of Statkraft SF's rights and obligations in connection with the power plants. The transfer will therefore not have any consequences for the lease agreements, the lessees or the municipalities in which the power plants are located. Statkraft Energi AS will take over the newbuilds of the lessees in the power plants at a price agreed in advance when the lease period expires in 2031. The Ministry of Petroleum and Energy has granted an exemption from the licence requirements and right of pre-emption in connection with the transfer.

Statkraft is Europe's leader in renewable energy. The Group develops and produces hydropower, wind power, gas power and district heating, and is a major player on the European energy exchanges. Statkraft has 3500 employees in more than 20 countries.

For additional information:
Executive vice president Asbjørn Grundt, phone: +47 24 06 73 68 / +47 918 40 664


This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.