Eviny has bought the wind farms at Guleslettene and Tellenes on the west coast of Norway from the global investment company BlackRock. The purchase increases Eviny's long-term ownership in renewable energy by nearly 20 percent, from 7.7 to 9 terawatt-hours (TWh).

"This is a big day for Eviny and for Western Norway. Today we are taking the first step towards becoming a solid industrial producer of wind power, and we are pleased that value creation from critical infrastructure will accrue to our regional and national public owners. The purchase of the wind farms is a strategic, long-term and industrial decision for Eviny in line with our growth ambitions, and which fits well with our established hydropower production," says CEO of Eviny, Ragnhild Janbu Fresvik.

"Norway and Western Norway have a strong need to develop renewable energy in the coming years in order to cut emissions in line with the climate goals and ensure enough renewable energy at competitive prices, which is a prerequisite for the transformation and development of green industries and jobs. As a leading renewable energy and technology group in Western Norway with more than 100 years of industrial history, we are dedicated to contributing to this transition," says Fresvik.

Attractive wind farms to own

The Guleslettene wind power plant is located in the municipalities of Bremanger and Kinn (price range NO3), and consists of 47 turbines with a total installed output of 197 megawatts (MW). The facility produces approximately 700 gigawatt-hours (GWh) annually.

Tellene's wind power plant

Tellene's wind power plant is located in the Rogaland municipalities of Lund and Sokndal (price range NO2), and consists of 50 turbines with a total installed output of 168 MW and an annual production of 520 GWh. The production from the two wind farms combined corresponds to the electricity consumption of around 75,000 households.

The parties have agreed a company value of 537.5 million euros for the two wind farms.

"The Guleslettene and Tellenes wind farms are located in areas of Norway with significant wind resources. They are built and controlled using the latest turbine and control technology, and have recently been put into operation with high operational stability. These are two attractive wind farms, and as an industrial owner we have long-term prospects for further development of both wind farms," says Fresvik.

Ambitions for further growth and development of expertise in wind power

The group's investments in new renewable sources are led by the business area New energy and industrial partnerships.

"The purchase of the Guleslettene and Tellenes wind farms is a clear expression of our ambitions to contribute to increasing the production of land-based wind power in Norway. The acquisition forms a good basis for further growth, primarily through the development of new wind farms in collaboration with industrial partners and close collaboration with local authorities," says Arne Andreas Riisnes, Executive Vice President for New Energy and Industrial Partnerships at Eviny.

Arne Andreas Riisnes and Ragnhild Janbu Fresvik

"We have large wind resources in Norway both on land and at sea. In the coming decade, hydropower and onshore wind power are the technologies that can best provide large amounts of new renewable energy that society needs at competitive prices. This will be important to ensure restructuring of the industry to create new jobs, and to reduce emissions in line with committed targets. As part of Eviny's growth ambitions in renewables, we will seek to develop projects across technologies, and an important part of this will be to develop land-based wind where the conditions are right in close cooperation with local communities. This purchase also enables us to secure local expertise and jobs within the operation of onshore wind, which will be important for further development," Riisnes continues.

It is important for us to find the right future owner

BlackRock has built both wind farms: Tellenes was put into operation in 2017, while Guleslettene was put into operation in 2021.

"We are very proud to have built and operated two exceptional wind farms that have contributed and will continue to contribute renewable power to industry and thousands of households. It has been important for us to find a suitable owner who will continue to develop and operate the wind farms, and we are very happy that Eviny, as a regional energy and technology company in Western Norway, is buying the two wind farms," says Keith Mangan, Head of climate infrastructure in EMEA in BlackRock.

The agreement on the sale of the wind farms is subject to approval by the Norwegian competition authorities. The sale is expected to be completed by the end of the first quarter of 2024.