Norwegian solar power producer Scatec Solar announced Friday it would acquire compatriot hydropower firm SN Power for $1.17 billion, aiming to become a global player "in solar, hydro, wind and storage solutions".
Raymond Carlsen, CEO of Scatec Solar, said hydropower and solar panels were "complementary technologies, resulting in new project opportunities".
"For instance floating solar on hydro reservoirs," he said in a statement.
Carlsen added that he hoped the deal would pave the way for a "geographical expansion into growth markets in South East Asia and Sub-Sahara Africa."
The company said it had signed a binding agreement with state-owned investment fund Norfund, current owner of SN Power.
Once the acquisition is complete, the combined company will have 450 employees and power plants in 14 countries.
To reflect its more diverse assets, Scatec Solar also said it will change its name to Scatec.
The deal is expected to be completed in the first half of 2021.