Swiss Life Asset Managers has acquired Norwegian green energy platform Vergia in a deal that marks the asset manager’s first step in building a platform focused on creating clean energy products, such as green hydrogen.
Swiss Life has invested an unspecified amount on behalf of its funds to acquire Vergia from Arendals Fossekompani, an investment it said will help Vergia’s growth as well as complete its first projects including a green ammonia project in Arendal.
Established in Norway in 2022, Vergia works with partners to develop infrastructure projects in ‘power-to-X’ and offshore wind.
Vergia’s flagship green ammonia project involves developing and constructing a green ammonia plant including a bunkering facility at the Eydehavn port.
Marc Schürch, head renewable energy at Swiss Life Asset Managers, said the acquisition of Vergia marks the first step in establishing a platform focusing on power-to-X for Swiss Life’s managed funds.
Schürch said: “Europe’s target to become climate neutral by 2050 can only be achieved if all main forms of energy are being decarbonised – electricity, heating and fuels. Power-to-X utilises electricity generated from renewable sources to produce hydrogen and sustainable fuels.
“In this context, Norway has some of the most attractive locations in Europe – if not globally. We are therefore delighted to base the establishment of our platform on the acquisition of Vergia. Besides the location, its highly experienced management team, the interesting project pipeline and the very strong partners in the various portfolio companies create an excellent foundation for building a successful platform.
“With this strategy, we will significantly contribute to the decarbonisation of various sectors, which is very much in line with our ESG ambitions.”
Benjamin Golding, CEO of Arendals Fossekompani, said: “By divesting Vergia, we are focusing and optimising our portfolio, and reducing our exposure to capital intensive activities in line with strategy.
“We believe Swiss Life Asset Managers is the perfect owner to take Vergia’s positions to the next level.”
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