Clemens Kraftverk acquires Fjærland Kraft from Sognekraft and enters into long-term cooperation agreement on operations

Clemens Kraftverk AS, a company in the Clemens Kraft Group, has acquired Fjærland Kraft AS from Sognekraft AS. Fjærland Kraft AS is the owner of 6 small scale hydropower plants in Fjærlandsfjorden, located in Sogndal, with a normal production capacity of 125 GWh.

As part of the acquisition, Fjærland Kraft AS has entered into a long-term agreement with Sognekraft AS on the operation of the hydropower plants.

-We are very pleased with the agreement and the long-term cooperation with Sognekraft, says CEO Børge Edvardsen Klingan in Clemens Kraft. - Sognekraft and Clemens Kraft are both solid players in the industry, and the new agreement involves an industrially important collaboration, he adds.

Following this acquisition, Clemens Kraft has an annual power production of approximately 450 GWh from 35 hydropower plants in operation. In addition, the company has 10 hydropower plants under construction and a number of projects under preparation for construction. Clemens Kraft's goal is to produce a minimum of 600 GWh by the end of 2021. The company is a subsidiary of Opplysningsvesenets fond (OVF), which owns 50.1% of the company. Swiss CPV / CAP Pension Fund Coop owns the other 49.9% of the shares. Clemens Kraft is headquartered in Oslo and is today among the largest owners and developers of small hydropower plants in Norway.

- I am very pleased with this agreement with Clemens Kraft, where we in Sognekraft will be responsible for the operation of the six hydropower plants. We look forward to long-term cooperation with Clemens Kraft, on the development and operation of hydropower plants in the region, says Terje Bakke Nævdal, CEO in Sognekraft -

Aabø-Evensen & Co Advokatfirma has acted as legal advisors to Clemens Kraftverk AS in connection with the transaction.

Visit Clemens Kraft to learn more.