Fortum to acquire three wind power projects, totalling approximately 170 MW, in Norway

Fortum has signed an agreement to acquire three wind power projects from the Norwegian company Nordkraft.

The transaction includes the 32 MW Nygårdsfjellet wind farm, which is already operational, as well as the fully-permitted 50 MW Ånstadblåheia and 90 MW Sørfjord projects. Fortum and Nordkraft have also agreed on cooperating on the construction and operation of the wind farms.

Fortum expects the transaction to be concluded in the first quarter of 2017. The value of the arrangement has not been disclosed. 

Fortum is preparing for the construction of the Ånstadblåheia and Sørfjord projects, expected to be commissioned in 2018 and 2019. When built the total installed capacity of the three wind farms would be approximately 170 MW. Vesteralskraft AS owns a minority stake of about 9.5% in Ånstadblåheia.

Kari Kautinen, Senior Vice President, M&A and Solar & Wind Development at Fortum, said:

“The purchase of these three excellent wind power projects is completely in line with our strategy to expand in solar and wind power. The fact that all the wind farms are situated in the same area in Norway enables high efficiency in
operations and maintenance. I am also very pleased with the co-operation agreement with Nordkraft on the construction and operation of the wind farms.”

Eirik Frantzen, Nordkraft’s CEO, said:

“This is an important and strategic step for Nordkraft, securing the development of the Ånstadblåheia and Sørfjord wind projects and in addition reducing the financial risk for the Nordkraft Group. The transaction marks the beginning of a long-term partnership with Fortum and we believe that this co-operation will become a «win-win» for both parties.”