Nordic Solar unveils internal merger to achieve optimisations

Christian Sagild and Nikolaj Holtet Hoff. Source: Nordic Solar.

June 17 (Renewables Now) - Nordic Solar, a Denmark-based developer and owner of solar plants, announced this week it is combining its two investment arms with its management company into a single entity that will try to reach 1 GW of capacity by 2025.

The three firms, namely Nordic Solar Energy, Nordic Solar Global and Nordic Solar Management, will merge into a joint public limited company called Nordic Solar A/S, which will have an annual revenue of EUR 40 million (USD 48m) and a balance sheet total of EUR 535 million. The move will create significant optimisations for the financing of the company's projects, Nordic Solar said in a statement.

“By merging Nordic Solar's activities into a single company, we create the proper solid platform for growth, and the merger will provide optimised financing opportunities for development projects as well as the opportunity for ongoing divestment of minority interests in operational solar projects,” explained Nikolaj Holtet Hoff, co-founder and managing director of Nordic Solar.

The restructured company will have about 300 MW of plants in operation or under construction. It expects to add a further 500 MW in the near future through projects that are already part of its development portfolio.

(EUR 1.0 = USD 1.194)

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