RES, known locally in Scandinavia as Nordisk Vindkraft and Mirova Eurofideme 4, a fund managed by Mirova, a Natixis expert for responsible investment, announce that they have signed agreements for the sale, construction and operational management of the 29 MW Vardafjellet windfarm near Sandnes, Rogaland shire in Norway.

The project consists of 7 turbines in total and has an installed capacity of 29MW, enough to power approximately 17 000 homes*. The project has been granted all requisite rights, permits and authorizations with full legal force. The project is ready for construction with a targeted energization date is January 2020. RES has a large portfolio of wind farm projects under development in Sweden and Norway and foresees exponential growth for wind power in Scandinavia.

Matilda Afzelius, CEO of RES in Scandinavia said,
“We are proud to continue our close relationship with Mirova and to hand over this well-developed project. We share with Mirova a long-term view of the renewable energy sector and we look forward to building and operating this project with such an experienced partner."

Raphael Lance, Head of Energy Transition Funds at Mirova, said, 
“We are pleased to expand our partnership with RES with this transaction, being our first investment in Norway. Thanks to our previous experience with RES in Scandinavia, we are confident in their capacity to develop and build quality projects in this part of the country where electricity demand is particularly high”.

*Calculated on an annual consumption of electricity of 5000 kWh.