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Zurich's EWZ buys 95-MW wind project in Norway

Wind farm in Norway. Author: John Christian Fjellestad. License: Creative Commons, Attribution 2.0 Generic

March 6 (Renewables Now) - Norsk Vind Energi AS announced on Tuesday that it has sold a 95-MW pre-construction wind project in Norway to Zurich utility EWZ.

The developer will complete the plant for the new owner and, according to Per Ove Skorpen, general manager of Norsk Vind Energi, the construction phase will commence immediately. Work on roads, erection sites and foundations will be undertaken this year, with installation of the 22 wind turbines scheduled for 2020.

Completion of the project is expected at the end of the third quarter of 2020. Once up and running, the wind park will be able to produce 350 million kWh of electricity per year, which corresponds to the consumption of about 17,000 households.

The news was also confirmed by Augusta & Co, which oversaw the transaction, acting as exclusive financial advisor to the seller. The London-based firm said it had also assisted with the sale of two other Nordic wind projects -- the 250-MW Andberg and 213-MW Jadraas projects in Sweden. OX2 announced last Thursday that it had agreed to divest Andberg to private investment house Ardian, while Arise AB (STO:ARISE) and Sydvastanvind AB said they are selling Jadraas to The Renewables Infrastructure Group (TRIG).

“Each deal will close with no offtake agreement or financing in place – which is a testament to the strength and opportunities of this PPA-driven merchant market,” commented Justin Fitzhugh, Partner, Augusta & Co.

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Browse all articles from Ivan Shumkov

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

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