Arise takes control of Fenix Repower to enter Ukraine

Swedish onshore wind farms developer Arise AB (STO:ARISE) has acquired a 70% stake in Norway and Ukraine-focused renewables developer Fenix Repower AS in a bid to diversify its business technologically and gain a foothold in the Ukrainian market.

The interest in Fenix was bought for NOK 333,000 (USD 31,860/EUR 29,200), Arise said on Friday, adding that it has also agreed to finance the Stavanger, Norway-based company’s project development activities.

Fenix is mostly involved in the development of solar, onshore wind and energy storage projects in Norway and Ukraine. In the Eastern European nation, Fenix has under exclusivity a roughly 300-MW portfolio of early-stage solar, wind and battery storage projects planned to become shovel-ready within the next 12-24 months. According to Arise, its investment in the company will enable it to speed up the development of these projects and build a “sizable” pipeline in the coming years.

"With excellent conditions for both wind and solar power, we view Ukraine as the last big, untapped market in Europe,” said Arise's CEO, Erik Eriksson as he highlighted the role of renewable energy in the war-stricken country's recovery.

Meanwhile in Norway, the Fenix team will ramp up and manage Arise's greenfield development in the country.

(NOK 10 = USD 0.957/EUR 0.875)

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