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Fortum selling majority stake in 500-MW Nordic wind portfolio

The Solberg wind farm in Sweden. Source: Fortum

January 9 (Renewables Now) - Finnish utility Fortum Oyj (HEL:FORTUM) is selling a majority stake in a 500-MW wind asset portfolio in the Nordics to funds advised by Credit Suisse Energy Infrastructure Partners (CSEIP).

Fortum recently signed a deal to divest to CSEIP an 80% stake in said portfolio for about EUR 250 million (USD 278m), on a debt and cash free basis. The table below gives more information about the assets included in the agreement.

Name Capacity Country Status
Nygardsfjellet 32 MW Norway Operating
Anstadblaheia 50 MW Norway Operating
Solberg 76 MW Sweden Operating
Kalax 90 MW Finland Under construction
Sarfjord 97 MW Norway Under construction
Savar 154 MW Sweden Planned

London-based financial consultancy Augusta & Co has overseen the stake sale, it announced today.

Justin Fitzhugh, partner at the advising firm, commented that the Nordic markets continue to be an attractive proposition in view of utilities’ strategy to sell down and recycle capital in order to support new large-scale projects.

“As the European market increasingly moves towards a merchant model, the interests of international investors and project developers are becoming increasingly aligned, and we expect to see further significant transactions in the Nordics throughout 2020,” said Fitzhugh.

Just last year, Augusta & Co took part in transactions involving over 1.25 GW of renewable energy assets in Norway, Finland and Sweden, including this latest one. Overall, it has worked on renewable energy deals in the Nordics for about 2.5 GW since 2016.

(EUR 1.0 = USD 1.111)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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