Norwegian hydropower player Statkraft AS has signed an agreement to buy the London-based renewable energy developer Solarcentury Holdings Ltd. The latter claims to have brought to life 1.2 GWp of project capacity in seven countries since 2013. The 118 million-pound ($152 million) deal will hand the Norwegian state-owned utility six gigawatts of solar projects under development in Spain, the Netherlands, the U.K., France, Greece, Italy and Chile.

Statkraft has pledged to develop at least eight gigawatts of wind and solar power by 2025. The acquisition could open up floating solar opportunities for a company which established its renewables reputation as a hydropower company.

“This acquisition is in line with our strategy to ramp up as a wind and solar developer and become one of the leading renewable energy companies globally, Just like hydropower and solar power complement each other, Statkraft and Solarcentury are an excellent fit in terms of purpose and people. Joining forces will accelerate our growth and continue to drive the energy transition forward,” Christian Rynning-Tonnesen, chief executive officer of Statkraft, said.

Statkraft said it would acquire its rival’s shares from London-based investors Scottish Equity Partners and Zouk Capital; Vantagepoint Capital, based in California; and from Grupo Ecos, which lists Panama City as its business address. The transaction is expected to complete by the end of 2020. Solarcentury has 180 employees across 12 countries.

REGlobal’s Views: The acquisition mirrors a recently announced plan by Statkraft compatriot Scatec Solar to buy Norwegian state-owned hydropower company SN Power. It reflects the growing interest of renewable energy players to rapidly strengthen their portfolio through strategic acquisitions.