Aventron Norway AS
21st September 2021
DWPF provided model audit advice to aventron and Aberdeen Standard Investments on the formation of their joint venture in Norway, Aventron Norway AS.
aventron and ASI’s combined portfolio will focus on the development, construction, production and distribution of renewable energy through hydropower as well as wind power in Norway. The combined portfolio comprises 41 small scale hydro power plants (including one plant under construction) as well as an operational wind farm and a further wind farm under construction. The group also benefits from a strong pipeline of small scale hydro and wind projects. Combined annual production capacity is expected to reach c.460 GWh once all projects are fully operational.
The hydropower sector in Norway is one of the most developed in the world and benefits from significant development and consolidation potential. With aventron’s assets mostly located in south Norway and ASI’s portfolio primarily based in the north of the country, the two portfolios are highly complementary. The merger provides geographical diversity, operational synergy potential and further de-risks the business by enhancing the long term competitive position of the joint company.
The merger has been achieved through a contribution in kind, with aventron becoming the majority shareholder of the joint entity, aventron Norway AS. ASI through its first infrastructure fund, SL Capital Infrastructure I LP, will hold a substantial minority position with governance rights. The merged entity will benefit from having an aligned shareholder group bringing together experienced partners with deep renewable infrastructure knowledge. The shareholders are aligned in their ambition of driving further, sustainable growth for the business while continuing to focus on delivering the highest standard of safety, respect for the environment and operational reliability.