Sale of shares in Norsk Grønnkraft

07.11.14

Press release 8/14

The owners of Norsk Grønnkraft AS ("Norsk Grønnkraft" or the "Company") have entered into an agreement to sell the Company to Aquila Capital ("Aquila").

Norsk Grønnkraft owns and operates a portfolio of producing small scale hydropower plants in Norway. The Company is owned by Akershus Energi Vannkraft AS (a subsidiary of Akershus Energi), EB Kraftproduksjon AS (a subsidiary of Energiselskapet Buskerud), E-CO Energi AS and Østfold Energi AS (collectively, the "Owners"), each with a 25% ownership stake.

Following strategic reviews, the Owners have demerged the small scale hydropower development part of the business into a separate company, while the hydropower generation business is retained in Norsk Grønnkraft.

The Owners and Aquila are pleased to announce that an agreement has been reached to sell 100% of Norsk Grønnkraft to funds managed by, or affiliated with, Aquila, a Hamburg-based alternative investment company. The transaction is expected to result in an accounting gain for the Owners.

Swedbank and BA-HR have acted as advisors for the Owners in connection with the Transaction while Pareto Securities and Thommessen have acted for Aquila.

For enquiries, please contact:

Erik Andersen, Energiselskapet Buskerud, phone +47 91 66 21 40

Tom Flattum, Akershus Energi, phone +47 91 78 03 42

Odd Øygarden, E-CO Energi, phone +47 92 01 45 15

Morten Karlsen, Østfold Energi, phone +47 95 28 40 65

Alexa Kurschinski, Aquila Capital, phone +49 40 55 56 53 175

 

E-CO Energi is one of Norway?s leading energy groups. E-CO owns and operates power plants throughout southern Norway and is the country's second largest power producer. The Group owns stakes in Oppland Energi AS, Opplandskraft DA, Vinstra Kraftselskap DA, Embretsfosskraftverkene DA and Norsk Grønnkraft AS.