OSLO, NORWAY: Aker Solutions has agreed to buy Rainpower Holding AS, a number one technology supplier to the hydropower industry.
The transaction is anticipated to be accomplished throughout the second quarter of 2022. The buy price is about NOK 100 million, with an additional discretionary element which can bring the acquisition price to NOK 150 million.
The acquisition builds on Aker Solutions’ growth technique and can additional strengthen its offering inside renewables. Aker Solutions sees strong industrial synergies in additional developing Rainpower into an innovative hydropower technology firm to optimize hydropower developments and operations.
Rainpower develops, produces and delivers hydropower turbines, administration systems and related equipment for clients and projects worldwide.
The firm provides equipment for new installations and performs upgrades of existing hydropower plants. Rainpower has greater than 165 years of historical previous dating again to 1853 when the Norwegian hydropower competence was developed by Kvaerner.
The firm has been concerned in a few of the world’s largest projects inside hydropower development, together with the Three Gorges Dam in China.
“The world must take significant steps to reduce carbon emissions, and this will unlock large investments throughout a number of industries. Combined with the increasing demand for energy market flexibility, energy safety and energy storage solutions, renewable hydropower has a key role to play. This acquisition will complement Aker Solutions’ existing renewables portfolio and contribute to additional accelerating our technique and transformation journey,” said Kjetel Digre, chief executive officer of Aker Solutions.
Aker Solutions has agreed to buy 100 percent of the shares in Rainpower from a subsidiary of Aker Horizons, which introduced an acquisition of Rainpower in January 2021.
Aker Solutions and Rainpower have collaborated on each technical and strategic topics over the previous year. Through this collaboration it has become obvious that Aker Solutions has complimentary capabilities with Rainpower, and is well positioned to realize the potential of the hydropower technology company.
“There is a rising marketplace for upgrading the existing put in base of hydropower to mirror the wants of the renewable energy markets moving forward. Hydropower performs a essential role inside the transition to a fully renewable energy system, offering necessary system flexibility and stability to support elevated and faster electrification of assets. We look ahead to persevering with the journey as a half of Aker Solutions,” said Hege Brende, chief executive officer of Rainpower.
“This acquisition has strong industrial rationale and can drive additional growth in Aker Solutions’ renewables offering. We will mix Rainpower’s hydropower portfolio and expertise with Aker Solutions’ system engineering and project administration expertise. Our energy and controls systems competence mixed with Rainpower’s applied sciences will allow us to supply full digital electro -mechanical deliveries inside hydropower. We will additionally profit from Aker Solutions’ strong manufacturing capabilities,” said Digre.
A third-party valuation report has been obtained and the transaction stays topic to
various closing conditions, together with sure third-party approvals.
www.akersolutions.com