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Fortum wraps up sale of majority in 500-MW Nordic wind portfolio

The Solberg wind farm in Sweden. Source: Fortum

May 18 (Renewables Now) - Finnish utility Fortum Oyj (HEL:FORTUM) has finalised the sale to funds advised by Credit Suisse Energy Infrastructure Partners (CSEIP) of a majority stake in a 500-MW wind asset portfolio in the Nordics.

The disposal of an 80% stake in the portfolio occurred on May 14, according to Fortum’s interim report for the period January-March 2020. The transaction closure, though, does not concern the 97-MW Sorfjord wind park in Norway, which is currently under construction.

CSEIP agreed in December 2019 to pay about EUR 250 million (USD 270m) for the shareholding on a debt and cash free basis. The portfolio includes the 32-MW Nygardsfjellet and 50-MW Anstadblaheia wind farms in Norway, the 76-MW Solberg park in Sweden and the 90-MW Kalax plant in Finland in addition to Sorfjord.

Also, at the time of signing the deal, the parties entered into an exclusivity agreement to build a 154-MW wind park in Savar, Sweden, at a later stage.

(EUR 1.0 = USD 1.080)

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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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