CLP advises Å Energi on the acquisition of majority stake in Fredrikstad Energi

Å Energi AS has signed a share purchase agreement with the municipality of Fredrikstad (Fredrikstad kommune) for the sale and purchase of 51 per cent. of Fredrikstad Energi AS (FEAS) and a bond loan to the company for a total purchase price of NOK 1.1 billion.

Å Energi is Norway's largest renewable energy group, with operations across the entire value chain, from power generation to end customer. FEAS is an energy company with its headquarters in Fredrikstad. The company's primary assets are the wholly owned grid company Norgesnett and a 60 per cent. ownership stake in Nettpartner, which is already jointly owned with Å Energi.

"After a thorough sales process, I believe that a very good offer is now being presented for political consideration. With Å Energi, FEAS will gain competent, Norwegian-based owners with financial strength, who will be able to maintain skilled jobs locally and fulfil their societal mission to the benefit of residents and businesses," says the Mayor of Fredrikstad, Arne Sekkelsten.

"FEAS is a solid company, and we already have a good collaboration through our joint ownership in Nettpartner and joint projects within the grid sector," says Steffen Syvertsen, Group CEO of Å Energi.

FEAS and Å Energi both have bonds listed on Oslo Børs. The transaction comes recommended by the Municipal Director of Fredrikstad and is subject to approvals from the City Council of Fredrikstad and the Norwegian Competition Authority.

Link to Å Energi's press release

CLP's team was led by Lars Gunnar Aas and Amund Erdal and involved a number of practice groups across the firm.