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OSLO: Norwegian solar power producer Scatec Solar announced Friday it would acquire compatriot hydropower firm SN Power for $1.17 billion, aiming to become a global player "in solar, hydro, wind and storage solutions".

Raymond Carlsen, CEO of Scatec Solar, said hydropower and solar panels were "complementary technologies, resulting in new project opportunities". "For instance floating solar on hydro reservoirs," he said in a statement.

Carlsen added that he hoped the deal would pave the way for a "geographical expansion into growth markets in South East Asia and Sub-Sahara Africa."

The company said it had signed a binding agreement with state-owned investment fund Norfund, current owner of SN Power.