Better Energy to delay 3 GW of Danish PV projects amid negative prices
Sep 19, 2024 11:14 CESTNorwegian financial services company Storebrand (ETR:SKT) has signed a deal to increase to 60% its ownership in AIP Management P/S, a Danish infrastructure fund manager that has invested in renewable energy assets with a combined capacity of about 7 GW.
Storebrand has agreed to acquire an additional stake of 50% for DKK 215 million (USD 30.8m/EUR 28.8m). Upon completion, current AIP shareholders, Danish pension funds PKA and PenSam as well as the company’s partners, will remain invested.
Copenhagen-based AIP was founded by PKA. It has EUR 8 billion (USD 8.55bn) in committed capital and has so far invested over EUR 7 billion in energy transition assets. Once fully operational, the company’s investments will generate enough clean electricity to power about 5.9 million homes.
Storebrand Asset Management AS took a 10% stake in AIP in 2020.
The transaction is subject to regulatory clearances and is set to close in the second half of 2024. Post-close, AIP will be led by its current partners, keeping its independence and operating under its current brand as part of the Storebrand Asset Management multi-boutique offering.
(DKK 10 = USD 1.434/EUR 1.341)
(EUR 1 = USD 1.070)
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