Sarpefossen is Northern Europe's largest waterfall for power generation. Hafslund already operates two of three power plants in Sarpefossen (Hafslund and Sarp power plants). The acquisition will ensure that Hafslund gets majority ownership in the three power plants in Sarpefossen.

- Almost 130 years after the construction of the power plant in Sarpefossen started, we are now happy to have gathered the power production in the waterfall under one majority ownership. We have had a good collaboration with Orkla, but we are nevertheless confident that joint ownership with one operating organization will provide further optimization of operation and maintenance of the power plants, says CEO in Hafslund, Finn Bjørn Ruyter.

The transaction means that Hafslund buys 90 per cent of the shares in Sarpsfoss Limited, while Svartisen buys the remaining ten per cent.

The transaction is subject to approval from the relevant competition authorities and the Norwegian Ministry of Energy.