CLP has acted as legal advisor for Fortum Corporation and Nordic Wind B.V. in the sale of a 80% stake in Fortum’s Nordic wind portfolio to funds advised by Credit Suisse Infrastructure Partners (CSEIP). Fortum will retain a 20% minority ownership in the portfolio, continue to manage the construction and serve as asset manager for the wind portfolio.
The wind portfolio consists of the operational wind parks Nygårdsfjellet (32 MW, Norway), Ånstadblåheia (50 MW, Norway) and Solberg (76 MW, Sweden), and Kalax wind park (90 MW, Finland) which is under construction. Furthermore, it is also agreed that funds advised by CSEIP will invest in an 80% share of the Sørfjord wind park (97 MW, Norway), once fully commissioned. Fortum and CSEIP have also agreed on further cooperation and signed an exclusivity on a new project in Sävar, Sweden (154 MW), which would increase the jointly owned capacity to app. 500 MW.
The total consideration of the divestment of the 80% stake on a debt and cash free basis is expected to be approximately EUR 250 million. The transaction is subject to regulatory approvals in the EU and is expected to close in the first quarter of 2020.
Further information is available here