M&A: Nordic developer with 3 GW onshore wind & solar PV pipeline put up for sale

Nordic onshore renewables developer Njordr has been put up for sale, with teasers on the deal now being circulated to interested parties.

Norway-based Njordr was founded in 2018 by majority shareholder Tore Slettemoen, with the platform having to date built up a circa 3 GW pipeline of onshore wind and solar PV projects across Sweden and Finland, in addition to Norway.

The group’s shareholders have mandated Arctic Securities and Pareto Securities (both financial) to run the process, which envisages the sale of between 50%-100% of the company.

Njordr and its advisors are projected to start issuing NDAs and IMs to the market in the coming days, with non-binding offers forecast to fall due in mid-May.

The developer’s most advanced schemes comprise around 60 MW of Finnish solar PV which is scheduled to reach ready-to-build by the end of 2024.

Much of the remainder of the pipeline is at a much earlier stage of development, such as the 500 MW Rana municipality-located Sjonfjellet wind farm in Norway, which is envisaged to comprise 77 turbines.

Njordr (49%) is also co-developing with OX2 (51%) the 17-turbine Galmsjömyran wind power project in Sandviken municipality, Sweden, which, provided it receives all required permits, is anticipated to enter operation in 2028.

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