Aker Solutions has agreed to acquire Rainpower Holding AS, a technology provider to the hydropower industry, to further strengthen its offering within renewables.
Aker Solutions said it sees strong industrial synergies in further developing Rainpower to optimize hydropower developments and operations. Rainpower develops, produces and delivers hydropower turbines, control systems and associated equipment worldwide. The company supplies equipment for new installations and performs upgrades of existing hydropower plants. Rainpower dates back to 1853, when the Norwegian hydropower competence was developed by Kvaerner. The company has been involved in some of the world’s largest projects within hydropower development, including 22.5 GW Three Gorges in China.
Aker Solutions agreed to acquire 100% of the shares in Rainpower from a subsidiary of Aker Horizons, which announced an acquisition of Rainpower in January 2021. The transaction is expected to be completed during the second quarter of 2022. The purchase price is about NOK100 million ($11.6 million), with an additional discretionary element that may bring the purchase price to NOK150 million ($17.4 million). A third-party valuation report has been obtained and the transaction remains subject to various closing conditions.
“The world needs to take significant steps to reduce carbon emissions, and this will unlock large investments across multiple industries. Combined with the increasing demand for power market flexibility, energy security and energy storage solutions, renewable hydropower has a key role to play. This acquisition will complement Aker Solutions’ existing renewables portfolio and contribute to further accelerating our strategy and transformation journey,” said Kjetel Digre, chief executive officer of Aker Solutions.
Rainpower is headquartered in Lillestrøm outside Oslo, Norway, and also has offices in Sweden and China. The company employs about 200 and offers proprietary technologies for integrated products and services to the hydropower industry worldwide. The company will continue to operate under its existing brand.
Aker Solutions delivers integrated solutions, products and services to the global energy industry. Aker Solutions employs about 15,000 people in more than 20 countries.
