SV Vesivoima have acquired 89,9% of the shares of Risdal Energi AS (Vassfossen small scale hydro power plant) from a portfolio company managed by Prime Capital AG. The remaining minority share of 10,1% is owned by the local Risdal brothers Torbjørn and Tallak who have initially developed and built the plant.
The plant is located in the Vegusdal municipality in the Agder region, in the southern part of Norway. It is equipped with a 6,6 MW horizontal Francis turbine and has an annual production of around 26 GWh with a large reservoir corresponding to nearly 90 days of production.
Vassfossen sits in the same water course as SV Vesivoima’s Boen Foss power plant and controls the largest reservoir in the Tovdalselva water course, Epttevatn. The huge reservoir, with a volume capacity of approximately 44 Mm3, serves as an excellent seasonal storage, making it possible for Vassfossen to optimize production according to demand. The plant can also contribute to the TSO’s ancillary services and hence support the stability of the grid.
“The acquisition of Vassfossen serves SV Vesivoima’s goals in building a sizable small-scale hydro portfolio in Norway. The plant itself is truly unique in its class with its exceptional flexibility”, says SV Vesivoima’s CEO Antti Vilkuna.
“Energy markets are undergoing a massive transformation driven by climate targets. We see the value of flexible production capacity increasing as more intermittent generation capacity is constructed. From this perspective, this acquisition serves SV Vesivoima’s strategy in building and acquiring renewable generation as well as preparing for increasing price volatility.”, says SV Vesivoima’s Director of Development Pekka Saijonmaa.
Krafthuset AS supported the acquisition as buy side advisor together with Bekk og Strom AS.