Augusta sells BlackRock’s Norwegian onshore wind portfolio

Augusta & Co is proud to have advised BlackRock’s Climate Infrastructure Group on the sale of a 365MW operating onshore wind portfolio in Norway to Eviny AS for an enterprise value of €537.5 million. The sale is subject to approval from the Norwegian competition authorities and is expected to close in the first quarter of 2024.

The portfolio comprises two winds farms, the 197MW Guleslettene power plant in the county of Vestland (NO3) and the 168MW Tellenes wind power plant located in the county of Rogaland (NO2). The projects have been operational since 2021 and 2017 respectively and produce a combined 1,200GWh of electricity annually, making the wind portfolio one of the largest in Norway.

Eviny is one of Norway’s largest energy and technology groups and a market leader in hydro power and electric vehicle charging. The company is owned by 17 municipalities in western Norway, Statkraft and two local power and electricity companies. BlackRock is a global leader in investment management and the world’s largest infrastructure investor. BlackRock constructed both the Tellenes and Guleslettene wind farms.

Augusta & Co acted as exclusive financial advisor to BlackRock’s Climate Infrastructure Group in all aspects of the transaction including running a competitive sales process, managing the due diligence process and co-ordinating the negotiation and execution of the transaction documentation.

“We are proud to have advised BlackRock on this exceptional transaction” said Simon Clement-Davies, Partner at Augusta. “The imposition of the Resource Rent Tax on onshore wind in Norway raised real challenges but the deal has nonetheless delivered a strong result for our client. We congratulate both BlackRock and Eviny on the achievement of a major new milestone in Norway’s energy transition.”

Fredrik Norell, Director of BlackRock’s Climate Infrastructure Group for the Nordic region commented: “This is a tremendous deal for BlackRock, and Augusta has shown outstanding skill and tenacity in a difficult set of circumstances. They managed an intense M&A process on our behalf, but beyond that worked alongside our lawyers to tackle the new tax framework by coordinating an industry-wide response. Augusta has gone well beyond the terms of their mandate in the service of their client.”

Simon Clement-Davies
Nikita Chandrashekar