SkartaNYAB establish joint venture with CapMan fund

SkartaNYAB transfers ownership of its subsidiary Skarta Energy Oy to a joint venture with the CapMan Nordic Infrastructure II fund. The new joint venture will drive the development of renewable energy projects.

Under the agreement, the CapMan fund will own 60 percent of the shares and SkartaNYAB 40 percent. The purchase price for the shares in Skarta Energy Oy is EUR 22 million, of which EUR 4.8 million will be paid in cash. The remaining part of the purchase price will be paid through share and debt arrangements.

According to the parties' framework agreement, SkartaNYAB will be the jointly controlled company's preferred partner for future engineering, procurement and construction work. The business plan establishes the construction of renewable energy facilities in excess of 500 megawatts over the next five years.

"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 to build and grow successful infrastructure businesses. Skarta Energy will be a significant player to improve energy self-sufficiency in Finland”, says Johan Larsson, CEO of SkartaNYAB Plc.

Skarta Energy's project development is concentrated on solar power projects that can be complemented with wind and hydrogen solutions. The company is developing some of the largest solar power projects in Finland, including in Utajärvi where a solar power project covering 100 hectares is planned. The company is also developing projects in the former mining districts of Hitura and Pyhäsalmi in Northern Ostrobothnia.