Norway

Norway

Scandinavian developers in 1.6GW merger

NORWAY: Two Scandinavian wind developers are merging to create a new company with a pipeline of almost 1.6GW.

The pipeline spans Norway, Sweden and Finland
The pipeline spans Norway, Sweden and Finland

Norway's Havgul Clean Energy and Sweden's Triventus Wind Power will combine to jointly develop the projects across Finland, Norway and Sweden.

The companies valued the pipeline at €3.2 billion. Projects include Havgul's 350MW Havsul 1 offshore development and the 200MW Tonstad onshore wind project, both in Norwegian waters.

Havgul will contribute seven wind developments with a combined capacity of 504MW in Sweden, five with 865MW in Norway, and three in Finland.

Triventus has developed 124MW of projects that it sold on before the construction phase.

The parties did not reveal the financial terms of the deal.

UK-based SgurrEnergy provided advisory services to facilitate the merger. Havgul's shareholders include the Sustainable Technologies Fund and Investinor AS, which includes the Norwegian government, the Swedish National Pension Fund, Kapan Pension Fund, and the Heinz family.

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