CapMan Infra has agreed on a majority investment in Skarta Energy in a joint venture to be established together with its current parent company SkartaNYAB.
The joint venture will develop renewable energy projects, with an initial focus on solar in Finland and a strategy to develop-to-own and becoming an independent power producer.
CapMan Infra will own 60% of the joint venture Skarta Energy. The transaction is expected to close by the end of 2022.
The development of solar energy supports the green transition, while improving energy security in the Nordic countries.
Skarta Energy was established in 2021 and has a strong pipeline of mainly solar energy projects with a combined production capacity of over 1GW in various phases.
Currently, Skarta Energy is developing its first utility scale solar project in Utajarvi where construction for phase one is expected to start in late 2023. Over the next five years the target is to develop and operate around 500MW of production, which corresponds to the power consumption of over 20,000 households.
“We are very excited about this first investment of CapMan Infra’s second infrastructure fund. Skarta Energy is well positioned in its own right to drive the necessary green transition and increase the security of electricity supply within our Nordic home markets,” said Harri Halonen, Partner at CapMan Infra.
“Currently, solar energy accounts for only half a percent of all electricity produced in Finland, a figure which is expected to increase significantly as Finland is targeting to become fossil fuel free by 2035. This has led to strong corporate and consumer demand and support for green electricity.”
Johan Larsson, CEO of SkartaNYAB, added: “We have found the right partner to accelerate our vision to build a cleaner future. SkartaNYAB’s expertise in project development and energy engineering as well as energy construction is hereby combined with CapMan’s expertise in the renewable sector and ability build and grow successful infrastructure businesses.
“Skarta Energy will be a significant player to improve energy self-sufficiency in Finland.”