HomeRenewablesStrategic DevelopmentFortum acquires three Norway wind farms

Fortum acquires three Norway wind farms

Finnish energy company Fortum has sign a deal to aquire three windfarms in Norway from Norwegian company Nordkraft.

The transaction involves the already-operational 32 MW Nygàƒ¥rdsfjellet windfarm, and the fully-permitted but yet-to-be-built 50 MW àƒ…nstadblàƒ¥heia and 90 MW Sàƒ¸rfjord projects.

The acquisition is expected to be concluded early next year and the àƒ…nstadblàƒ¥heia and Sàƒ¸rfjord projects are expected to be commissioned in 2018 and 2019 respectively.

The value of the deal has not been disclosed.

Kari Kautinen, Fortum’s senior vice-president of solar and wind mergers and acquisitions, 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 windfarms.”

Nordkraft chief executive Eirik Frantzen said that the acquisition was “an important and strategic step” for the company. “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.”