Norwegian power company Eviny has acquired two wind farms with a total capacity of 365MW in Norway from BlackRock.

The move increases Eviny’s long-term ownership in renewable energy by 20%, from 7.7 terawatt-hours (TWh) to 9TWh.

The acquisition includes the 197MW Guleslettene and 168MW Tellenes wind power plants, both significant contributors to Norway’s renewable energy output.

The transaction is valued at €537.5m ($587.3m).

The Guleslettene wind power plant, situated in the municipalities of Bremanger and Kinn, comprises 47 turbines and generates 700 gigawatt-hours (GWh) of electricity each year.

The Tellenes wind power plant, located in the Rogaland municipalities of Lund and Sokndal, features 50 turbines and generates 520GWh annually.

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The two wind farms supply electricity to 75,000 households.

The investment in these renewable assets is spearheaded by Eviny’s new energy and industrial partnerships division.

US investment firm BlackRock developed the two wind farms, with Tellenes commencing operations in 2017 and Guleslettene following in 2021.

The completion of the transaction will take place by the end of the first quarter of 2024.

Eviny CEO Ragnhild Janbu Fresvik stated: “This is a big day for Eviny and for Western Norway. Today we are taking the first step towards becoming a solid industrial producer of wind power, and we are pleased that value creation from critical infrastructure will accrue to our regional and national public owners. 

“The purchase of the wind farms is a strategic, long-term and industrial decision for Eviny in line with our growth ambitions, and which fits well with our established hydropower production.”