SN Power will form a Joint Venture with Desenvix´ current owners Jackson and Funcef.

SN Power and Jackson will have joint control of Desenvix with a 40.65% shareholding each, while Funcef will retain a minority shareholding of 18.69%.
“This partnership in Desenvix represents a match with the strategy of SN Power for Brazil, as it provides solid partners, sound operating assets, and an experienced local organization with a proven track record”, Mr. Torger Lien, CEO of SN Power says.

About Desenvix

Desenvix has a portfolio of renewable energy assets of 221 MW in operation, 116 MW under construction, as well as a large portfolio of projects under development of about 1600 MW.
The assets are mainly hydropower, located in the South and Southeast regions of Brazil, but also include two wind farms and a biomass plant under construction.
The transaction also includes Desenvix´ 100% shareholding in Enex, a company specializing in Operations & Maintenance of small and medium sized hydroelectric plants.

Focus for the Joint Venture

The main target for the Joint Venture will be to focus on further hydropower development in Brazil, with the aim to reach 1,000 MW by 2018.
“The development pipeline of Desenvix represents enough quality hydropower projects for SN Power to reach its growth objectives in Brazil in the short term and to create value going forward”, Mr. Lien continues.
The transaction represents a capital injection for SN Power of MBRL 705, which is the largest transaction SN Power has undertaken to date, and positions SN Power in the fast growing Brazilian energy market - a target market for the company.

The partners
Jackson is the owner of the Brazilian engineering company Engevix, and Funcef is Brazil´s 3rd largest pension fund.

SN Power
SN Power is a developer and operator of hydropower, operating exclusively in emerging markets in Africa, Latin America and Asia. The company is a joint venture between the Norwegian state entities Statkraft and Norfund. SN Power is working to develop a portfolio in the range of 3000 MW of hydropower plants by 2015, while combating climate change and contributing to sustainable development. SN Power has close to 500 people employed in fourteen countries around the globe. Its headquarters are in Oslo, Norway.