November 9, 2016

Fortum triples up wind power in Norway

Nygårdsfjellet wind farm is already operational.
Nygårdsfjellet wind farm is already operational.
Fortum

Finnish energy company Fortum has acquired three wind power projects, totalling approximately 170 MW, from the Norwegian firm Nordkraft.

The projects include the already operational Nygårdsfjellet wind farm and the fully-permitted Ånstadblåheia and Sørfjord. The two companies have also agreed to co-operate in the construction and operation of the wind farms.

Kari Kautinen is senior vice president, M&A and Solar & Wind Development at Fortum.

Kari Kautinen is senior vice president, M&A and Solar & Wind Development at Fortum.

Fortum

According to Fortum, the transaction is expected to be concluded in the first quarter of 2017. The value of the arrangement will not be disclosed.

Fortum is preparing for the construction of the Ånstadblåheia and Sørfjord projects, which are expected to be commissioned in 2018 and 2019 respectively. When completed, the total installed capacity of the three wind farms will be approximately 170 MW.

“The purchase of these three excellent wind power projects is completely in line with our strategy to expand in solar and wind power,” notes Kari Kautinen, senior vice president, M&A and Solar & Wind Development at Fortum. “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.”

Nordkraft CEO Eirik Frantzen deems the acquisitions an important and strategic step for Nordkraft that “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.”

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