CapMan Infra invests in solar developer Skarta Energy to transform it into an independent power producer
CapMan Infra has agreed on a majority investment in Skarta Energy in a joint venture to be established together with its current parent company SkartaNYAB Plc. The joint venture will develop renewable energy projects, with initial focus on solar in Finland and a strategy to develop-to-own and becoming an independent power producer. The development of solar energy supports the green transition, while improving energy security in the Nordic countries.
Skarta Energy was established in 2021 and has a strong pipeline of mainly solar energy projects with a combined production capacity of over 1.0 GW in various phases. Skarta Energy has a unique and experienced team of eight, which has established a strong platform for further growth. Currently, Skarta Energy is developing its first utility scale solar project in Utajärvi where construction for phase 1 is expected to start in late 2023. Over the next five years the target is to develop and operate c. 500 MW of production, which corresponds to the power consumption of over 20,000 households.
“We are very excited about this first investment of CapMan Infra’s second infrastructure fund. Skarta Energy is well positioned in its own right to drive the necessary green transition and increase the security of electricity supply within our Nordic home markets. Currently, solar energy accounts for only half a percent of all electricity produced in Finland, a figure which is expected to increase significantly as Finland is targeting to become fossil fuel free by 2035. This has led to strong corporate and consumer demand and support for green electricity. We are very excited to partner with SkartaNYAB to develop the nascent Finnish solar market and build Skarta Energy into a leading independent power producer together,” says Harri Halonen, Partner at CapMan Infra.
“We have found the right partner to accelerate our vision to build a cleaner future. SkartaNYAB’s expertise in project development and energy engineering as well as energy construction is hereby combined with CapMan’s expertise in the renewable sector and ability build and grow successful infrastructure businesses. Skarta Energy will be a significant player to improve energy self-sufficiency in Finland,” says Johan Larsson, CEO of SkartaNYAB Plc.
CapMan Infra will own 60% of the joint venture Skarta Energy. The transaction is expected to close by the end of 2022.
CapMan Infra’s investment focus is core and core+ infrastructure assets in the energy, transportation and digital infrastructure sectors in the Nordics. This investment is the first for the CapMan Nordic Infrastructure II fund established in 2022 and with a €400 million target size. The CapMan Infra team comprises 11 investment professionals based in Helsinki and Stockholm.
For more information, please contact:
Harri Halonen, Partner, CapMan Infra, tel. +46 768 71 0062
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With over €4.9 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, fundraising advisory, and analysis, reporting and wealth management services. Altogether, CapMan employs around 180 people in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.
About SkartaNYAB
SkartaNYAB is a builder of a clean future with decades of experience in complex and demanding projects. We are enabling green transition in the Nordics by providing engineering, construction, and maintenance services to public and private sector clients regarding renewable energy and sustainable infrastructure. SkartaNYAB is headquartered in Oulu and it has more than 300 employees at different locations in Finland and Sweden.
