Aquila Capital, one of Europe’s leading alternative asset managers, has increased its exposure to renewable energy in Scandinavia by agreeing a majority co-investment in Norway’s largest operational wind park, Midtfjellet. The project has an installed capacity of 110 MW and an extension permit of 40 MW. The shares have been purchased from the Norwegian utility Energiselskapet Buskerud AS. The transaction underlines Aquila Capital’s strategy of acquiring renewable energy assets through cooperations with energy suppliers.
Midtfjellet has been connected to the grid since 2013 and contains 44 Nordex N 100 and N 90 turbines. The park is located near the coast in the south of the country approximately 60 kilometres from Norway’s second largest city, Bergen. Midtfjellet is underpinned by proven technology and maintained by an experienced operations team.
Susanne Wermter, Head of Special Investment Team at Aquila Capital, said: “We are pleased to expand our renewable energy portfolio through a co-investment agreement with Østfold Energi, Fitjar Kraftlag and Vardar Boreas.”
Agnar Aarskog, Board Member of Midtfjellet Vindkraft AS and Chairman of Fitjar Kraftlag, commented: “We are very content that a solid financial foundation has been established, which will ensure further operations and potential development. We and the remaining Norwegian owners look forward to cooperate with Aquila Capital, who we consider to be an experienced partner.”
Roman Rosslenbroich, CEO and Co-Founder of Aquila Capital, concluded: “With the acquisition of the shares in the wind park Midtfjellet we have captured an investment opportunity that further strengthens Aquila Capital’s presence in the Scandinavian market. Our experience of previous transactions with strategic local partners in Scandinavia has been very positive and we are looking forward to a successful, long-term cooperation with our Norwegian co-investors.”
This transaction increases Aquila Capital’s track record in wind energy to an installed capacity of about 500 MW.
About Østfold Energi AS
Østfold Energi is a Norwegian energy producer within the business areas of hydropower, wind power and district heat. The company is working systematically to develop projects within renewable energy in Norway. Østfold Energi AS is owned by Østfold County Council and 13 of the County's municipalities. The company has 65 employees. Østfold Energi has been an owner in Midtfjellet Vindkraft AS since 2011.
About Fitjar Kraftlag
Fitjar Kraftlag is a Norwegian energy company organized as a local cooperative. Fitjar Kraftlag's ambition is to create value through long-term investments in energy related fields, with special focus on renewable energy. Our operations are in broadband, grid operator, hydropower and wind power in Fitjar on the west coast of Norway. Fitjar Kraftlag developed Midtfjellet together with Dong Energy, and has been an owner in Midtfjellet Vindkraft AS since 2005.
About Vardar AS
Vardar is a Norwegian energy group owned by Buskerud County Council and the municipalities in Buskerud County. Vardar’s ambition is to create value through long-term investments in renewable energy. Our core operations are in hydropower, wind power and bioenergy in Norway, Sweden and the Baltic countries. Vardar’s daughter company Vardar Boreas has been an owner in Midtfjellet Vindkraft AS since 2011.
About Energiselskapet Buskerud AS
Energiselskapet Buskerud AS is a vertically integrated utility company with main activities comprised of hydropower generation, power grid operations, electricity sales and new renewable energy. The company is also engaged in fiber broadband activities and provides services for critical infrastructure. Annual hydropower production from run-of river hydropower plants is 2.5 TWh. The company owns more than 80% of the regional grid in Buskerud county and serves almost 90,000 distribution customers in Buskerud and Hadeland. Energiselskapet Buskerud AS is owned by Drammen municipality (50%) and Buskerud County Council (50%) through Vardar AS. Energiselskapet Buskerud has been an owner in Midtfjellet Vindkraft AS since 2011.
About Aquila Capital
Established in 2001, Aquila Capital is committed to provide institutional investors worldwide with alternative investment solutions in real assets, financial and private markets. Applying a multi-disciplinary investment approach, Aquila Capital’s range of alternative investments is managed by dedicated specialists in their respective asset classes and underpinned by an infrastructure that combines strong operations, stringent corporate governance and a successful track record. Aquila Capital has been dedicated to develop alternative investment solutions since its establishment. Over 200 professionals across eight offices globally are working across the whole value chain of alternative investments to generate stable, positive returns for investors.
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