Landinfra Energy AB, through its subsidiaries, and Eiffel Investment Group, through its infrastructure funds, have entered into an agreement to jointly develop a portfolio of large scale solar and battery storage projects in Norway.
Under the agreement, Eiffel will acquire a 50% interest in the Norwegian portfolio from Landinfra, with Landinfra retaining the remaining 50%. The portfolio comprises four projects located in the NO1 price area, with an aggregate planned capacity of approximately 886 MW of solar power and 177 MW of co-located battery storage.
The projects are in development stage and the first projects are planned to reach ready-to-build in 2028, subject to obtaining all required permits. If fully developed and constructed, the portfolio is expected to represent an investment volume in excess of €700 million and to deliver approximately 900 GWh of renewable electricity annually to the Norwegian power system, strengthening renewable generation in the NO1 price area.
The transaction represents an expansion of the partnership between Landinfra and Eiffel announced in April 2024, which covers the joint development of up to 1800 MW of renewable energy projects in Sweden. Through the expanded partnership, the parties will further leverage and combine Landinfra’s project origination and development capabilities in the Nordics with Eiffel’s experience in financing and supporting the development of renewable energy infrastructure across Europe.
Marcus Landelin, CEO and Co-Founder of Landinfra, commented: “We are pleased to expand our partnership with Eiffel to include a portfolio of large scale solar power projects with co-located battery energy storage in Norway. Eiffel is a leading European asset manager with extensive experience from development partnerships and infrastructure financing. Together, we bring the capabilities, experience, and financial strength required to develop new and much-needed renewable electricity generation in NO1.”
Laurent Coubret, Investment Director and Fund Manager at Eiffel, added: “Norway represents a compelling opportunity for renewable energy development, and this portfolio is a strong addition to our growing Nordic presence. We are delighted to deepen our partnership with Landinfra, which has proven being an ideal partner in the Nordics. Expanding our collaboration with them into Norway is a natural next step. This transaction reflects Eiffel’s conviction in the long-term value of utility scale solar and battery storage across Europe, and our commitment to supporting the energy transition with both capital and operational know-how.”
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