Aker Solutions ASA said Wednesday that it has agreed to acquire Rainpower Holding AS, a technology provider to the hydropower industry, for up to 150 million Norwegian kroner ($17.3 million) from Aker Horizons AS.

The Norwegian energy-industry service provider said it sees strong industrial synergies in further developing Rainpower to optimize hydropower developments and operations, with the deal further strengthening its offering within renewables.

Aker Solutions will pay about NOK100 million with an additional discretionary element which may bring the purchase price to NOK150 million, it said.

Rainpower is headquartered in Lillestrom outside Oslo, Norway, and has offices in Norway, Sweden and China, employing about 200 personnel.

Its revenue in 2021 was NOK345 million, with an order backlog of NOK361 million as of Dec. 31, 2021.

The transaction is expected to be completed during the second quarter of 2022.