Investment funds managed by Swiss Life Asset Managers has acquired Norwegian green energy transition platform Vergia from previous owner Arendals Fossekompani.
The funds will finance the platform to enable its further growth as well as the realisation of first projects, such as a flagship green ammonia project located in Arendal, Norway (pictured).
The project consists of developing and constructing a green ammonia plant including a bunkering facility at the Eydehavn port.
All parties agreed not to disclose the sales price.
Headquartered in Norway and established in 2022, Vergia combines in-house competence with strategic partners to develop infrastructure projects in alternative verticals within the energy transition sphere with focus areas in Power-to-X and offshore wind.
In recent years, Europe has seen significant need in the development of renewable fuels to drive the energy transition, said Swiss Life Asset Managers.
Green ammonia is one of the most promising fuel types to replace fossil fuels in the shipping industry with an emission-free alternative that can be produced from water, air, and renewable energy.
“The acquisition of Vergia marks the first step in establishing a platform focusing on Power-to-X for our managed funds,” said head renewable energy at Swiss Life Asset Managers Marc Schürch.
He added: “Europe’s target to become climate neutral by 2050 can only be achieved if all main forms of energy are being decarbonised – electricity, heating, and fuels.
“Power-to-X utilises electricity generated from renewable sources to produce hydrogen and sustainable fuels. In this context, Norway has some of the most attractive locations in Europe – if not globally.
“We are therefore delighted to base the establishment of our platform on the acquisition of Vergia. Besides the location, its highly experienced management team, the interesting project pipeline, and the very strong partners in the various portfolio companies create an excellent foundation for building a successful platform.
“With this strategy we will significantly contribute to the decarbonisation of various sectors, which is very much in line with our ESG ambitions.”