August 16, 2022

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Establishes one billion funds for onshore wind farms

Establishes one billion funds for onshore wind farms

A unique subsidiary of Bonheur Corporation. Olsen Renewables (FORAS) has entered into agreements providing 480 million euros in equity financing for three existing wind farms in Norway and Sweden and future onshore wind farms in the United Kingdom and Sweden, according to a stock exchange announcement on Tuesday.

In November 2021, Bonheur founded Fred’s subsidiary. Olsen 1848, dedicated to the development of technology in the field of renewable energy.

FORAS will still own 51 percent of the wind farm ownership stakes, while another 49 will be acquired through an investment fund. The fund will be €480 million, with Kommunal Landspensjonskasse (KLP), MEAG Munich ERGO AssetManagement GmbH (MEAG) and Keppel Corporation Limited (Keppel) each contributing €160 million.

The fund will initially have a 49 percent indirect ownership interest in three wind farms with a total capacity of 258 MW for a cash amount of €176 million.

“Peace. Companies associated with Olsen for more than 25 years have developed a strong ecosystem and track record in renewable energy. We are very pleased to continue building good partnerships, and here with strong long-term renewable energy investors KLP, MEAG and Keppel”, says Annette Olsen, CEO of Bonheur and Chairman of the FORAS Board of Directors.

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