Recent work | October 27, 2023

A key move in renewable energy expansion: Statkraft acquires Njordr Offshore Wind and Svevind Nordic

Statkraft, a leading player in the renewable energy sector, has finalized the acquisition of two prominent companies in the wind energy landscape - Njordr Offshore Wind AB, specializing in offshore wind power development, and Svevind Nordic AB, a renowned onshore wind power developer. This acquisition marks a strategically important step for Statkraft in their ambition to continue their Swedish growth journey in renewable energy and contribute meaningfully to the global energy transition. Roschier advised Statkraft in these two transactions.

Svevind Nordic and Njordr Offshore Wind together have a portfolio of onshore and offshore wind projects with a total potential installed capacity of 37,000 MW with an estimated annual electricity production of around 130 TWh. By way of comparison, the total installed capacity of all wind farms in Sweden to date is approximately 14,000 MW, and Sweden’s total electricity consumption is around 140 TWh annually. While it’s acknowledged that not all early-stage projects materialize, the scale of this deal emphasizes the potential impact on the ongoing electrification and green transition.

Svevind Nordic AB’s integration into Statkraft

Svevind Nordic AB, currently boasting a team of 16 experts in project development, primarily in the onshore wind sector, offers a promising development project pipeline. The most advanced of these is the Hästliden project with a potential capacity of 600 MW, awaiting approvals from the Swedish government. The acquisition ensures the complete integration of Svevind Nordic into Statkraft’s operations, promising further growth in onshore wind power, especially in Northern Sweden.

– “We are tremendously happy to be able to strengthen our operations with a group of extremely competent employees who, together with the project portfolio, will make an important contribution to our ambitions to grow in onshore wind power and not least to the industrial development in Northern Sweden,” says Jakob Norström, CEO of Statkraft Sweden.

– “We are very proud that our Swedish team, with its unique expertise and experience gained over the years, will support such an important energy company as Statkraft in the future. In Statkraft, Svevind Nordic gets a strong owner who can continue the important work we have done and progress the project pipeline while providing for a continued positive work environment for the employees,” says Wolfgang Kropp, founder and CEO of SVEVIND Energy Group.

Njordr Offshore Wind AB’s role in the expansion

Njordr Offshore Wind AB has been at the forefront of offshore wind development in Sweden, offering a portfolio of early-stage projects. David Flood, Senior Vice President Offshore Wind at Statkraft, highlighted the importance of the acquisition: – The Nordic countries to a large extent form a common energy market. With an estimated need for a doubling of the electricity supply by 2045, Sweden is of particular interest for us. It fits well with our strategic ambition to grow within offshore wind with an ambition to have 10 GW in operation in Europe by 2040.

The portfolio acquired includes nine projects located in various Swedish marine regions, potentially contributing over 80 TWh per year. With these acquisitions, Statkraft is positioned for significant investments in Sweden’s offshore wind power in the coming years.

Anders Hærland, chairman of the board of Njordr, emphasized how this transaction reaffirms Njordr’s early-positioning strategy: Njordr Offshore Wind has been a pioneer within offshore wind in Sweden, establishing a strong project team and a significant project pipeline. This transaction validates Njordr’s strategy and how we are able to realise significant value from taking early positions.

About Statkraft

Statkraft, with roots tracing back to 1895 when the Norwegian state acquired its first waterfall for hydropower production, has solidified its reputation as a European market leader in renewable energy. The firm boasts ownership in more than 350 power plants, encompassing a total capacity of nearly 19,100 MW. With an impressive annual generation capacity of over 60 TWh from its hydropower plants alone, Statkraft has a diverse energy portfolio that includes hydropower, wind power, biomass power, solar power, and district heating. They hold a dominant position in onshore wind power across Norway, Sweden, and the UK.

Employing over 5 700 professionals across 21 countries, Statkraft has amassed more than 120 years of experience as a pure energy generator.

Roschier’s main advisory team comprises Björn Winström, Markus Olsson, Fredrik Eriksson Oppliger, Moa Lundqvist and Minna Åström.