Arise has acquired a 70% stake in Fenix Repower, a developer of solar, onshore wind and storage projects in Norway and Ukraine for approximately NOK 330,000 (€29,000).
It has an initial portfolio of around 300MW of early stage projects in Ukraine that could reach ready-to-build status within a year or two.
The partnership will also allow for an acceleration of greenfield development in Ukraine, with the goal of securing a “sizeable pipeline” of projects in the coming years.
Arise's CEO, Per-Erik Eriksson, said: “We firmly believe that renewable energy will play a key role in Ukraine's recovery and that the injection of public capital has the potential to transform Ukraine into a significant destination for foreign investment. With excellent conditions for both wind and solar power, we view Ukraine as the last big, untapped market in Europe.”
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