Ardian and Finnmark Kraft to build wind farm in Northern Norway

Ardian, the independent private investment company, and Finnmark Kraft AS, the Norwegian renewable energy company, today announce the creation of a joint venture to build and operate a 51.8 MW wind farm in Finnmark, Northern Norway. Ardian Infrastructure will hold a 49% stake, and Finnmark Kraft a 51% stake in the JV. 

This wind farm is situated at one of Europe’s best onshore wind locations. The construction of the new wind farm will be carried out over an 18-month period under the supervision of Finnmark Kraft. The site will be equipped with fifteen 3.45 MW Vestas wind turbines. This greenfield project is set to be producing energy by Q4 2017, targeting a full-year production of 186 GWh. This corresponds to the annual consumption of 62,000 households and will avoid 128,000 tons/year of CO² emissions. 

Created in June 2009, Finnmark Kraft is a renewable energy company founded by eight local utility companies from Norway’s Finnmark region. With this recent investment, Ardian Infrastructure confirms its role as one of the leading independent market participants in the renewable power sector in Europe, with more than 1 GW in operation across wind, solar, hydraulic, biogas and biomass.

Finnmark Kraft’s chairman Per Erik Ramstad said: "Finnmark Kraft's goal has always been to become a leading developer and operator in renewable energy in our region. In 2011 we bought the Havøygavlen wind farm, and now we have taken the decision to construct one at Hamnefjell. This will improve grid reliability in Finnmark, especially during winter, where we have faced challenging operating conditions in recent years.

“We are pleased to enter this joint venture with Ardian, an international institutional investor of caliber. Their infrastructure team has extremely strong experience and a track-record in renewable energies, with a long term investment horizon. Together we have already identified a potential 70 MW extension, and anticipate developing this and other projects in the future.”

Marius Stabell, CEO of Finnmark Kraft, said: "It has been a long journey from the development phase to today’s announcement. This is an important milestone for Finnmark Kraft, and we are very pleased that this project is now to reach fruition. Reliable suppliers are engaged with the project, which will generate local opportunities. Such a large industrial undertaking will have a significant positive impact on the region." 

Mathias Burghardt, Member of the Executive Committee and Head of Ardian Infrastructure, added: “This project marks Ardian’s entrance into an exciting new market as this will be our first investment in Scandinavia. Furthermore, this investment illustrates our strategy of building a leading pan-European energy platform supplying over 1 GW of installed capacity.”

Stefano Mion, Managing Director, Ardian Infrastructure, added: “Our objective is to build a long-term partnership with Finnmark Kraft’s team, just as we’ve done with the Tozzi Group in Italy. Their strong expertise, combined with our experience and strategic overview, will provide this renewable platform with the resources needed for sustainable growth.”