Scatec Solar ASA (Scatec), a leading Norwegian renewable power producer with more than 3.5 GW of renewable energy projects in operation and under construction in four continents, has entered the Philippine energy market and acquired from Norwegian Investment Fund for Developing Countries (Norfund) 100% of its shares in SN Power AS (SN Power) for a total equity value of $1.166 billion. Scatec took over SN Power’s portfolio of hydropower assets in the Philippines. The Scatec Solar-SN Power transaction was the first approved transaction by the Philippine Competition Commission (PCC) in 2021 following the new threshold of P50 billion (US$1) billion under the Bayanihan II Act.
The PunoLaw corporate team that closed the Scatec acquisition was led by Senior Partners Eric Puno, Jon Serrano and Lethel Alburo. The PunoLaw PCC competition team that secured the PCC approval was headed by Senior Partner Minette Santos.