December 18, 2023
Today, Fenix Repower AS entered into an agreement with Arise AB, under which Arise acquires 70% of Fenix and will finance Fenix’s project development activities in Ukraine and Norway.
With its seasoned local teams based both in Norway and Ukraine, Fenix has to date demonstrated significant experience in developing and constructing infrastructure projects amounting to over 1 GW, including wind and solar PV farms in Ukraine, Norway and elsewhere. With the backing from an industry leader such as Arise, Fenix aims to expand its team further and develop an extensive pipeline of renewable energy projects in Ukraine and Norway.
“This strategic partnership allows us to focus on securing and developing projects in Ukraine worth ca. 300 MW, at a time when the country is looking to increase its renewable energy capacity. The fact that we are substantially contributing to Ukraine’s recovery by further decentralising the country’s energy production is of course a strong driver for us. We are equally excited about the prospect of working together with Arise on establishing a material renewable energy footprint in Norway over the coming years”, comments Fenix Repower’s CEO, Bernt Granås.
“Overall, we are very pleased with the outcome of the transaction and I want to in particular thank GreenCap Partners for identifying a suitable partner and negotiating this deal for us”, he continues.
Fenix was advised by GreenCap Partners, Thommessen and Asters. Arise’s advisors were CMS Kluge in Norway, CMS CMNO in Kyiv and KPMG.
Fenix Repower is a full-scope renewable energy developer based in Norway and Ukraine, with offices in Stavanger, Oslo and Kyiv. Since 2016, Fenix’s team have successfully managed the development of five renewable energy projects, totalling over 1,350 MW in Norway, Ukraine and other jurisdictions.
Arise is a leading independent company that realises new green energy. The company develops, builds, sells and manages renewable electricity production. The company is listed on Nasdaq Stockholm.
GreenCap Partners is a London-based M&A boutique and offers tailored, full-scope transaction and corporate finance advisory services to the renewable energy sector in Europe and beyond.