Norway based Havgul Clean Energy and Sweden based Triventus Wind Power will merge their project portfolio worth $3.5bn under a new company called Havgul Nordic’.
Havgul Nordic will have a project portfolio of 1.55GW of onshore and offshore wind projects located in three countries.
The project portfolio include seven projects in Sweden with capacity of 504 MW, five projects in Norway with 865 MW and three in Finland with 185 MW capacity.
The Norwegian projects include the 350MW Havsul 1 offshore plant and 200MW Tonstad wind facility.
Havgul Nordic is likely to work like “a single platform for investors to access a broad range of wind projects across three markets combining onshore and offshore in some of the highest capacity factors available in Europe.”
Havgul Nordic CEO Harald Dirdal said: “The Norwegian and Swedish Governments have recently increased their renewable energy targets and we expect to be well positioned to exploit this highly positive regulatory driver in the years ahead.”
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By GlobalDataThe merger is expected to bring down the overall development costs of the wind projects and facilitate knowledge sharing and greater economies of scale during their critical development and EPC phases.
“We are aiming to establish one of the lowest cost and highest return wind developers in the Nordic,” Harald Dirdal added.
Financial details about the merger are yet to be disclosed. The firms intend to conclude the deal by May 2015.
