Renewable Power Capital (RPC), a pan-European renewables company, announced the acquisition of the Swedish and Finnish solar and onshore wind development business of Njordr AS, the Nordic renewable power subsidiary of Vanir Green Industries AS (VGI).
The acquisition comprises 22 early-stage onshore wind and solar projects totaling up to 1.9 GW of capacity. The financial details of the transaction remained undisclosed.
With this transaction, Renewable Power Capital aims to gain Njordr’s expertise in project development. The Nordic region has been a priority market for the company.
Renewable Power Capital, SVP Development Nordics, Per Meijer, said, “It has been excellent working alongside Njordr on this exciting acquisition and I am confident that the addition of their team – and track record of project origination and delivery – will only strengthen RPC’s position in a market with impressive commitments to the energy transition.”
VGI Managing partner and Njordr director, Anders Hærland, said, “Vanir Green Industries and Njordr have had a clear strategy of taking early positions within renewable power in the Nordic region to support energy transition and the creation of new green industries. The divestment to RPC is the third transaction in less than two years where we realize value from our project pipelines and a further validation of the work done by the Njordr team in cooperation with local stakeholders.”
In March 2024, Renewable Power Capital and Aurinkokarhu Oy entered into an agreement to co-develop up to 1 GW of solar projects in Finland, marking the company’s first solar deal in the country.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report, 217 large-scale solar project acquisitions totaling 37.7 GW were transacted in 2024, compared to 231 transactions totaling 45.4 GW in 2023.
Last week, Masdar (Abu Dhabi Future Energy Company PJSC), a UAE-based renewable energy developer, announced the acquisition of the 234 MW Valle Solar Project. The acquisition was made through its Iberian renewables subsidiary, Saeta Yield.
