renewable energy with wind turbines

EY advises Hafslund on acquisition of Tonstad wind farm

Authors

  • Ole Conrad Siem

    Partner, Head of the Corporate Finance department in Oslo, Strategy and Transactions, EY Norway

  • Nils Kristian Bø

    Partner, Head of Strategy and Transactions (SaT), EY Norway

15 May 2024
Related topics
Strategy and Transactions
Power and utilities

Hafslund today announced their acquisition of the Tonstad wind farm, a 208 MW operational wind farm in Norway.

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Hafslund, one of Norway's largest energy and infrastructure conglomerates, today announced their acquisition of Tonstad wind farm in Norway, of in total 208 MW. The wind farm was acquired from Susi Partners, for an undisclosed deal value.

 

The transaction market for Norwegian onshore wind projects is experiencing a resurgence after a slow period, characterized by local opposition to new wind farms and the implementation of the new resource rent tax. However, despite these challenges, there is now a notable uptick in activity within the market. This renewed momentum suggests a growing confidence among investors and developers in the feasibility and potential profitability of onshore wind projects in Norway.

 

The transaction will be finalized upon obtaining final approval from the Norwegian electricity market regulator (NVE) and competition authorities.

 

EY has offered extensive assistance to Hafslund, covering buy-side corporate finance advisory, as well as financial and tax due diligence.

 

Deal team comprise the following:

 

  • Corporate Finance/VME: Ole Conrad Siem (EP), Anders Traaseth (EM), Lina B Paulsen, Herman Bøe Vilseth.
  • Financial Due Diligence: Nils Kristian Bø, Ole Henrik Birkelund, Joachim E Muri, Andreas M Rafoss, Amalie M Mathisen.
  • Tax Due Diligence: Petter Aa Bjørklund, Siri Midling Larsen, Ingrid S Solemslie, Marius Brustuen, Maiken Fængsrud, Tiril A Rydningen.
  •  

Learn more of the transaction here.

 

Below is a selection of recent transactions supported by EY, and you can also find a more extensive list on our Strategy and Transactions page.

    Summary

    EY Corporate Finance advises Hafslund on the acquisition of 208 MW Tonstad onshore wind farm from Susi Partners. Our offerings encompassed Corporate Finance advisory, valuation, financial due diligence, and tax due diligence. Once more, demonstrating EY's unmatched capability to act as a true 'one-stop-shop' for our clients.

    About this article

    Authors

    • Ole Conrad Siem
      Partner, Head of the Corporate Finance department in Oslo, Strategy and Transactions, EY Norway
    • Nils Kristian Bø
      Partner, Head of Strategy and Transactions (SaT), EY Norway
    Related topics
    Strategy and Transactions
    Power and utilities

    EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.