October 26, 2023
Oslo, Norway - Njordr AS, a leading developer of renewable power in the Nordic region, together with the Swedish developer Vindkraft Värmland, have sold 100% of the shares in Njordr Offshore Wind AB (NOW) to Statkraft, Europe’s largest renewable energy producer. NOW holds a pre-permit portfolio of nine offshore wind projects on the Swedish east coast with a potential for up to 21 GW of installed capacity.
As part of the transaction, Statkraft has committed to fully fund the maturation of the portfolio the coming two years, in addition to an undisclosed initial cash consideration to the NOW partners. The partnership will further receive pre-defined capacity-linked milestone payments as projects reach permitting, grid connection and final investment decision (FID).
“NOW has been a pioneer within offshore wind in Sweden, establishing a significant project pipeline and a strong project team. This transaction validates Njordr’s strategy and how we are able to realise significant value from taking early positions,” says Anders Hærland, the Chairman of Njordr.
“Statkraft will provide a strong foundation for realizing the Njordr Offshore Wind portfolio, which has been successfully developed through our project origination expertise,” says Niklas Sondell, Chairman of Vindraft Värmland.
Njordr develops wind and solar power projects to provide clean energy at scale to new green industries that contribute to the ongoing transition to a sustainable future. The Company held approximately 58% of the shares in NOW prior to the transaction, Vindkraft Värmland AB held 37%, and Kovall AB and Ribera AB owning the remaining shares. The NOW organisation will be integrated with Statkraft and continue to develop the project portfolio towards production.
“The Nordic countries to a large extent form a common energy market. With an estimated need for a doubling of the electricity supply by 2045, Sweden is of particular interest for us. It fits well with our strategic ambition to grow within offshore wind with an ambition to have 10 GW in operation by 2040. This deal comprises an attractive portfolio which gives Statkraft the opportunity to contribute to delivering more renewable energy to Sweden, one of our focus markets,” says David Flood, Senior Vice President Offshore Wind at Statkraft.
Following the transaction, Njordr will focus on developing its portfolio of land-based wind and solar projects in Norway, Sweden and Finland.
Arctic Securities acted as exclusive financial advisor to NOW in the transaction, and Advokatfirmaet BAHR acted as legal adviser.
For further information, please contact:
Anders Hærland, Chairman of Njordr, +47 95247677, firstname.lastname@example.org
Njordr is an ambitious developer of renewable wind and solar energy projects, aiming to build a leading position in the Nordics. We create long-term value through development of renewable electricity generation to power green industries and jobs.
We are ideally positioned to accelerate the regional energy transition with a substantial and diversified portfolio of large-scale greenfield projects. Our highly experienced team identifies, develops, and optimises high-value wind and solar projects, positioning Njordr to become a leading Nordic renewable energy company.
About Vanir Green Industries (VGI)
VGI is a Nordic impact business builder and investment company that builds and scales leading, sustainable, robust, and profitable companies that will help accelerate the energy transition. VGI was founded by Tore Ivar Slettemoen, who also founded NYSE-listed Freyr Batteries. In addition to Njordr, the VGI portfolio consists of Blastr (decarbonized green steel), Removr (Direct Air Capture), Freija (green fuels) and Vanir Asset Management.
About Vindkraft Värmland
Vindkraft Värmland is a Swedish technology-driven wind power developer specialising in project origination. Our key strength is to combine technical skills, including comprehensive in-house databases and world class mast-less wind modelling, with extensive experience from project development and agile decision making.
Vindkraft Värmland is active in Sweden, Norway, Finland and Poland. Our business model is based on a collaborative approach where our origination expertise is combined local presence and knowledge in our various markets