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Peru springboard for Norwegian power firm

A Norwegian firm engaged in hydropower development in poor countries says its recent acquisition of Peruvian power plants will form a springboard for further growth in Peru and elsewhere in Latin America and Asia.

A Norwegian firm engaged in hydropower development in poor countries says its recent acquisition of Peruvian power plants will form a springboard for further growth in Peru and elsewhere in Latin America and Asia.

Statkraft Norfund Power Invest AS, a 50-50 venture of Norway's top power company Statkraft SF and state investment fund Norfund, last week announced an investment in Peruvian hydropower assets with capacity of 90 megawatts.

SN Power, established in mid-2002, has identified about a dozen countries around the world, above all in Latin America and Asia but also in sub-Saharan Africa, where it believes it can find commercially viable power projects to invest in.

In Latin America, it is also looking at opportunities in Chile and Panama, and Andresen said Bolivia may also be of interest in the future.

The company wants local partners and will consider taking stakes of 20 to 90 percent in projects, but would prefer to have majority control, Andresen said.

In Asia, it inherited from Statkraft a one-fifth stake in the 210-MW Theun Hinboun run-of-river hydropower project, a 60-MW hydroelectric project in Nepal and has invested in microplants in Sri Lanka.

Chief Executive Oeistein Andresen said SN Power is also hunting for projects in India, Indonesia and the Philippines and in Africa will look at Uganda and Mozambique.