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 November 3, 2015 - 4:29 AM EST
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Bharat Light & Power and Statkraft partner to create India's leading platform for distributed solar energy

(Oslo/New Delhi, 3 November 2015) Bharat Light & Power ("BLP"), a leading renewable energy company in India and Statkraft, the state-owned Norwegian power company and the largest renewable energy producer in Europe, today announced the formation of a new 50-50 joint venture to provide distributed solar energy solutions in India.

The joint venture called Statkraft BLP Solar Solutions Private Limited ("SBSS") will provide industrial and commercial consumers with both rooftop and ground mounted solutions with world class technology and execution. In addition, SBSS shall provide a variety of financing structures, whereby consumers can convert their solar CAPEX into an attractive per unit cost of solar energy, enabling consumers to reduce their carbon footprint and lower energy costs. 

"This partnership brings together two entities committed to support the government's renewable energy objectives," said BLP CEO Tejpreet S. Chopra. "By providing distributed solar energy solutions on a per kWh basis, storage and micro grid solutions, we intend to transform the way power is generated and consumed in India. This will go a long way in supporting the government's mission of 24/7 power for all by 2019". 

Statkraft's CEO, Christian Rynning-Tønnesen said: "Exploring new business opportunities within distributed solar energy are of great importance to Statkraft. The combination of our core competence in energy management and Bharat Light & Power's local knowledge and expertise, constitutes a solid platform for value creating services to industrial and commercial customers in India".

About Statkraft:
Statkraft is a leading company in hydropower internationally and Europe's largest generator of renewable energy. The Group produces hydropower, wind power, gas-fired power and district heating and is a global player in energy market operations. Statkraft has 4200 employees in more than 20 countries.

About Bharat Light & Power Pvt Ltd:
BLP is one of the leading renewable energy generation and technology companies in India. It has 3 verticals.  BLP Energy, a JV with Enel Green Power builds, owns and operates utility scale renewable energy power plants to generate clean energy through wind and solar technologies. SBSS, a JV with Statkraft provides distributed solar solutions to large corporates, industries and institutions in India. Lastly, BLP through its Orion platform provides monitoring, reporting and predictive intelligence solutions to global utilities through its control centre in Bangalore by leveraging big data, the cloud, mobility and advanced analytics. This enables Orion's customers to build smarter operations, better real time visualization and improve operational efficiency of the renewable power plants.

For more information, please contact:

Lars Magnus Günther, Statkraft AS                                                 
Senior advisor communication                                                         
tel.: +47 912 41 636                                                                        

BLP Media Relations:                                                      

Notes to Editors:

With this transaction Statkraft expands its presence and product offering in the Indian market. In India Statkraft operates two hydropower plants totalling to 300 MW and one hydropower project of around 400 MW under development in joint ventures with Bhilwara Group and Tata Power respectively. Statkraft Markets Pvt. Ltd., a category 1 trading licensee in India. It supports own generation and offers to third party customers a wide range of specialized services like market access, asset optimization, risk management and other related market services.

Statkraft has been present in India since 2004 when it acquired a 49%-stake in Malana Power Company - the owner of India's first merchant hydro power station. Statkraft has a proud history going back 120 years when it started developing the vast potential for hydro power in Norway.

Over the last three decades, Statkraft has extended its presence through developments of hydropower plants in South-Asia and South America, in addition to large on- and offshore wind farms in Norway, Sweden and the UK.

Statkraft has been an innovative and leading service provider for both consumers and generators in Scandinavia and across Europe. Today Statkraft also manages the largest portfolio of renewable third-party assets in Germany and the UK (approximately 12 GW).    

BLP is one of the leading renewable energy companies in India, focusing on the wind and solar sectors. It has approximately 800MW of wind farms in operation and under development.

BLP is based in New Delhi and Bangalore, and has a team of professionals with a background in renewable energy, manufacturing, consulting and financial services with extensive experience in technical, development, operation & maintenance and financing activities.

The current Indian government led by Prime Minister Narendra Modi has set a target of achieving 100 GW of solar and 60 GW of wind based power generation capacities by 2022, up from approximately 4 GW of solar and 23 GW of wind power today. It is estimated that 40 GW will be distributed solar energy.

The partnership between Statkraft and BLP is committed to contribute to this clean energy drive of the Indian Government and the various State governments in India. In addition, this partnership is committed to bring to India the latest advancements in renewable technology, competitive financing structures, low cost solar energy, and global best practices in engineering design and project development.

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Statkraft AS via Globenewswire


Source: Thomson Reuters ONE (November 3, 2015 - 4:29 AM EST)

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