Augusta & Co is delighted to have acted as exclusive financial advisor to a leading German pension fund and Siemens Financial Services (SFS) on the sale of the 288MW Nordlys Vind portfolio to Norwegian utility NTE. The sale is a further illustration of the vigorous expansion of regional Norwegian utilities into onshore wind, following similar acquisitions made by Eviny and Hafslund earlier in 2024.
The Nordlys Vind portfolio comprises the 202MW Kvitfjell and the 88MW Raudfjell operating onshore wind farms. The assets have been operational since 2020 under the management of Prime Capital and have an annual production of 750GWh, making it one of the largest portfolios in Northern Norway.
Incoming buyer Nord-Trøndelag Elektrisitetsverk (NTE) is diversified across renewable energy, telecom and power services. With 4.1TWh of annual hydro production in NO3 and NO4, NTE is one of the principal electricity producers in Norway. The landmark transaction is set to provide NTE with a leading position within onshore wind in Northern Norway, where most of the group’s hydro resources are located.
Dr Mathias Bimberg, Managing Director and head of Infrastructure at Prime Capital, said: “This is a great deal for the investors who have owned the wind farms since they went into construction in 2017. We tasked Augusta with the delivery of an exit at an attractive value and they have demonstrated once again why they are considered the leading renewable energy M&A team in the Nordic region.”
Simon Clement-Davies, Partner at Augusta & Co commented: “We congratulate our clients as well as NTE on a well-balanced deal that bodes well for a new wave of onshore wind expansion in Norway. The electrification of industry in Norway will require substantial new power resources and wind is the most cost-effective solution.”
The transaction closed on Monday 20th January 2025.
Contacts:
Simon Clement-Davies
Quitterie Saguez