Norwegian utility IT company Powel ASA (OSE:POWEL) said on Tuesday (20 January) that it has renewed its partnership agreement with the hydropower company E-CO Vannkraft AS.
The renewed contract, signed for three years and valued at minimum of NOK4m, covers E-CO Vannkraft's continued access to the Powel ICC support system for planning and operating hydropower production.
The Norwegian municipally owned utility E-CO Energi will reportedly exercise its right to acquire a 20% stake in the Norwegian hydropower producer E-CO Vannkraft from the state-owned energy utility Statkraft SF for NOK2.
After the acquisition E-CO Energi would have full control over the company.
Hans Erik Horn, CEO of E-CO Energi, reportedly said that the acquisition was based on sound business and not any consideration of keeping the assets out of foreign hands.
The Finnish companies would reportedly set up a joint company called Rapid Power, which would own the E-CO
Vanncraft shares and rights to the output of the Rana hydroelectric power station.
Norwegian electricity producers Akershus Kraft AS, E-CO
Vannkraft AS and Ostfold Energi Produksjon AS said on Wednesday (17 December) that they had agreed to establish a joint company.