Finnish utility Fortum has agreed to acquire three wind farms in northern Norway with a combined 172MW from Nordkraft.
The transaction consists of the 32MW Nygårdsfjellet wind farm, which is already operational, as well as the fully-permitted 50MW Ånstadblåheia and 90MW Sørfjord projects.
Fortum expects to complete the deal in the first quarter of 2017 for an undisclosed value, it said.
The utilities have also agreed to cooperate on the construction and operation of the Ånstadblåheia and Sørfjord wind farms, which are scheduled to open in 2018 and 2019.
“The purchase of these three excellent wind power projects is completely in line with our strategy to expand in solar and wind power,” Fortum M&A senior vice-president Kari Kautinen said.
“The fact that all the wind farms are situated in the same area in Norway enables high efficiency in operations and maintenance.”
Nordkraft chief executive Eirik Frantzen added: “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.”
Image: Fortum
Fortum scores Nordic hat-trick
Nordkraft agrees to sell 172MW of wind capacity in northern Norway
By EBS