SN Power was established in 2002 as a joint venture between Norfund and Statkraft. The company is today fully owned by Norfund and has operations in Southeast Asia, Africa, and Central America. It is Norfund's largest investment.

SN power is a leading commercial investor and developer of hydropower projects in emerging markets. The focus of the company is to acquire, develop, construct and operate hydropower assets.  SN Power has a multinational team of people employed globally in its operations and projects and is head-quartered in Oslo, Norway.

In July 2018, SN Power bought two thirds (65%) of the shares of the Bujagali Hydro Power Project (Bujagali Energy Limited) from the investment company Blackstone. This was a major investment for SN Power and CEO Torger Lies says it is a proof of their commitment to the long-term strategy on focusing on investing in sustainable hydropower projects in developing markets across Africa and Asia.