Scatec Solar will buy $1.2bn of hydropower operated by fellow Norwegian group SN Power as part of a widened ambition to become a “global leader” in clean energy spanning large-scale PV, wind, hydro and energy storage.

The acquisition deal with Norwegian development fund Norfund will leave the enlarged Scatec with a gross 3.3GW of plants in operation and construction, adding SN Power’s interests in a 1.4GW