Norwegian Havgul Clean Energy will merge with Swedish Triventus Wind Power to form a new merged entity, Havgul Nordic, which will have 1.55GW of onshore and offshore wind developments in the pipeline.
The two wind power developers have planned for an estimated €3.2bn investment for the projects, which are expected to be set up across Finland, Norway and Sweden.
Approximately 15 projects have been planned by the new firm, out of which seven will be constructed in Sweden with a combined generation capacity of 504MW.
Five projects amounting to 865MW of renewable energy have been planned for Norway, while three Finnish projects are likely to supply 185MW.
The 350MW Havsul 1 offshore facility and 200MW Tonstad wind farm, both in Norway, are part of the proposed pipeline.
The merged entity is expected to ‘act like a single platform for investors to access a broad range of wind projects across three markets, combining onshore and offshore in some of the highest capacity factors available in Europe’, reports Recharge News.
Havgul Nordic CEO Harald Dirdal was quoted by the news website as saying: "The Norwegian and Swedish Governments have recently increased their renewable energy targets and we expect to be well positioned to exploit this highly positive regulatory driver in the years ahead."
Financial details of the transaction have not been disclosed yet. The merger is likely to be completed by May this year.