Aquila Capital has increased its exposure to renewable energy in Scandinavia by agreeing a majority co-investment in Norway’s largest operational wind park, Midtfjellet.
The park is located near the coast in the south of the country approximately 60 kilometres from Norway’s second largest city, Bergen.
The shares have been purchased from the Norwegian utility Energiselskapet Buskerud AS. The transaction underlines Aquila Capital’s strategy of acquiring renewable energy assets through cooperations with energy suppliers.
The project has an installed capacity of 110 MW and an extension permit of 40 MW. Moreover Midtfjellet was connected to the grid in 2013 and contains 44 Nordex N-100 and N-90 turbines.
This transaction increases Aquila Capital’s track record in wind energy to an installed capacity of about 500 MW.
Susanne Wermter, Head of Special Investment Team at Aquila Capital, said:
“We are pleased to expand our renewable energy portfolio through a co-investment agreement with Østfold Energi, Fitjar Kraftlag and Vardar Boreas.”
Agnar Aarskog, Board Member of Midtfjellet Vindkraft AS and Chairman of Fitjar Kraftlag, commented:
“We are very content that a solid financial foundation has been established, which will ensure further operations and potential development. We and the remaining Norwegian owners look forward to cooperate with Aquila Capital, who we consider to be an experienced partner.”
Roman Rosslenbroich, CEO and Co-Founder of Aquila Capital, concluded:
“With the acquisition of the shares in the wind park Midtfjellet we have captured an investment opportunity that further strengthens Aquila Capital’s presence in the Scandinavian market. Our experience of previous transactions with strategic local partners in Scandinavia has been very positive and we are looking forward to a successful, long-term cooperation with our Norwegian co-investors.”