A majority share in the solar company Skarta Energy is being purchased by Nordic infrastructure investor CapMan Infra.
CapMan Infra is investing in a joint venture with Skarta Energy’s parent company SkartaNYAB on behalf of its CapMan Nordic Infrastructure II fund. Skarta Energy will be 60% owned by CapMan Infra.
The joint venture will develop renewable energy projects, initially concentrating on solar in Finland and pursuing a goal of becoming an independent power producer through acquisition.
Skarta Energy, founded in 2021, has a number of solar energy projects in various stages of development with a combined production capacity of over 1GW. Construction on phase 1 of the project, which the business is developing in Utajärvi, is scheduled to begin in late 2023.
Over the next five years, Skarta Energy intends to build and run a 500MW production facility.
A partner at CapMan Infra, Harri Halonen, said “We are very excited about this first investment of CapMan Infra’s second infrastructure fund. Skarta Energy is well positioned in its own right to drive the necessary green transition and increase the security of electricity supply within our Nordic home markets.”
“Currently, solar energy accounts for only half a percent of all electricity produced in Finland, a figure which is expected to increase significantly as Finland is targeting to become fossil fuel free by 2035. This has led to strong corporate and consumer demand and support for green electricity.”
The €400 million target size is for the CapMan Nordic Infrastructure II fund, which was founded this year.
CEO of SkartaNYAB, Johan Larsson, said “We have found the right partner to accelerate our vision to build a cleaner future.”
“SkartaNYAB’s expertise in project development and energy engineering as well as energy construction is hereby combined with CapMan’s expertise in the renewable sector and ability build and grow successful infrastructure businesses.”
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