Three key benefits:
- The support from DNV enabled Fortum to sell a majority of its Nordic wind portfolio to funds advised by EIP and secure a senior project finance loan provided by Skandinaviska Enskilda Banken (SEB) and National Australia Bank (NAB).
- The partnership with EIP creates a shared ownership that allows Fortum to continue to manage the construction and serve as a long-term asset manager for the wind portfolio.
- The transaction will also help to release capital for further growth in development, construction and operation of wind power plants in the Nordics.
About Fortum
Fortum is a leading clean-energy company developing and offering solutions for electricity, heating, cooling and resource efficiency. The company also provides services for the power generation industry and solutions for consumers so that they can be smarter in their energy choices. More information at Fortum: about us.
The customer challenge
As part of Fortum’s business model for capital recycling and to release capital for further growth in development, construction and operation of wind power plants in the Nordics, Fortum decided to sell the majority of its Nordic wind portfolio. Fortum, therefore, required not only an advisor who understood the challenges, but also the local requirements in the Norwegian, Swedish and Finnish wind markets.
DNV’s solution
Acting as technical advisor through the transaction, DNV offered Fortum an agile approach to technical due diligence and technical support with a flexible team of experts to ensure a quick and sound assessment of its assets and operations. Technical risks and mitigations associated with the assets were discussed and presented, including expert sessions with investors and lawyers. DNV also supported Fortum and EIP in securing a senior project finance loan provided by Skandinaviska Enskilda Banken (SEB) and National Australia Bank (NAB).
Benefits to the customer
After the transaction Fortum’s ownership of the Nordic wind portfolio will be 20%. The partnership with EIP will create a shared ownership that allows Fortum to continue to manage the construction and serve as a long-term asset manager for the portfolio of five wind farms in Norway, Sweden and Finland. The transaction will also help to release capital for further growth in development, construction and operation of wind power plants in the Nordics.