UK solar developer Solarcentury has officially become part of Norwegian energy giant Statkraft, five months after the acquisition was first announced.
The merger will establish Statkraft as one of the most prolific solar developers in Europe, giving the firm access to a 6GW pipeline of solar assets across the continent, as well as an expanding portfolio in South America.
Statkraft, which is owned by the Norwegian state and claims to be Europe's largest producer of renewable energy, said the acquisition would help it meet its goal of developing at least 8GW of wind and solar capacity by 2025.
The two companies had made "significant progress" towards the target since last autumn's acquisition announement, it said, noting that Solarcentury has finished construction of 550MW of solar capacity and achieved "key milestone permits" for a further 1.22GW over the last six months.
Former Solarcentury CEO Barbara Flesche, who is now chief financial officer of Statkraft's European wind and solar division, said her team was "thrilled" to join Statkaft.
"During Solarcentury's 22-year history the business helped solar power become mainstream, and our projects generated 6 billion kWh of clean electricity, saving over 1.7 million tonnes of CO2 emissions," she said. "As part of Statkraft, our position in the market is stronger than ever as Europe's largest renewable energy producer."
Solarcentury's team has been "fully merged" under the Statkraft brand, and the Norwegian company has acquired 100 per cent of the shares in Solarcentury Holdings, according to the update.
Brigitte Ringstad Vartdal, executive vice-president of Statkraft's European wind and solar arm, said the merger would help the firm become "one of the leading renewables companies in the world".
"To limit carbon emissions and transition away from fossil fuels we need significant transformation in our energy systems," she said. "Investment in renewable energy production - including solar and wind energy - and a greener grid are essential to every country's journey to reach net zero."