Aquila Capital has won the bid to buy Norwegian hydropower company Smakraft which has a portfolio of 45 operating plants generating more than 500GWh. The value of the deal was not disclosed.

This is the third hydro acquisition in 18 months for German-based Aquila and adds to its presence in the hydropower sector. Aquila already owns Norsk Grønnkraft and has stakes of 36% in Tinfos and 33% in Jørpeland Kraft.

Aquila Capital, part of the Aquila Group, which has 8 billion euros in assets under management, said the acquisition will make it the largest operator of small-scale hydropower plants in Europe.

Statkraft chairman Haakon Alfstad commented :

“Aquila Capital’s acquisition of Småkraft as will ensure the continued growth of small scale hydro production in Norway. We expect the transaction to be completed by the end of the year.”