GreenCap is delighted to have acted as exclusive financial advisor to the owners of Norwegian renewables developer Fenix Repower AS on the sale of a majority stake in the business to Arise AB, a NASDAQ-listed renewable energy developer headquartered in Stockholm.

Fenix Repower, with its seasoned local teams based both in Norway and Ukraine, has significant experience in developing and constructing infrastructure projects amounting to over 1 GW of renewable energy projects, including wind and solar PV farms in Ukraine, Norway and elsewhere. With the support of industry leader Arise, Fenix aims to expand its team and pipeline of renewable energy projects in Ukraine and Norway.

Bernt Granås, CEO and founder of Fenix Repower, said: “This strategic partnership allows us to focus on securing and developing projects in Ukraine, at a time when there are many exciting opportunities in the market. The fact that we are substantially contributing to Ukraine’s recovery by further decentralising the country’s energy production is of course a strong driver for us. We are equally excited about the prospect of working together with Arise on establishing a material renewable energy footprint in Norway over the coming years. Overall, we are very pleased with the outcome of the transaction and I want to thank GreenCap Partners for identifying a suitable partner and negotiating this deal for us. Their professional advice and dedicated service throughout the process is highly appreciated by the management team.”

Baris Serifsoy, Partner at GreenCap, commented: “We are particularly proud to have worked on this transaction. The identified pipeline of ca. 300 MW should materially support Ukraine’s effort to increase the share of renewables in the energy mix and enhance energy security for the country. Today’s announcement is particularly timely given the EU’s decision yesterday to commence accession talks with Ukraine – a very positive signal for future investment opportunities. Equally, in Norway, we are convinced that Fenix’s local expertise will contribute to the newly found momentum in the market. We wish the parties all the best for their new partnership.”