Nordic infrastructure fund manager CapMan Infra is acquiring a majority stake in solar developer Skarta Energy.

CapMan Infra, on behalf of its CapMan Nordic Infrastructure II fund, is making the investment in a joint venture with Skarta Energy’s parent company SkartaNYAB. CapMan Infra will own a 60% stake in Skarta Energy.

The joint venture will develop renewable energy projects, with an initial focus on solar in Finland and a strategy to develop to own and become an independent power producer.

Skarta Energy, established in 2021, has a pipeline of mainly solar energy projects with a combined production capacity of over 1GW in various phases. The company is developing its first utility-scale solar project in Utajärvi where construction for phase one is expected to start in late 2023.

Skarta Energy plans to develop and operate 500MW of production over the next five years.

Harri Halonen, a partner at CapMan Infra, said: “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.”

The CapMan Nordic Infrastructure II fund, which was established this year, has a €400m target size.

Johan Larsson, CEO of SkartaNYAB, said: “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.”

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