- Arise AB’s 70 per cent share in Fenix Repower is to diversify its business in the Ukrainian market.
- The firm bought the interest in Fenix for NOK 333,000 (USD 31,860).
Arise AB, a Swedish onshore wind farm developer, said it has acquired a 70 per cent share in a Ukrainian renewables developer, Fenix Repower. This is to diversify its business technologically and gain a foothold in the Ukrainian market. The interest in Fenix was bought for NOK 333,000 (USD 31,860/EUR 29,200).
Fenix is primarily involved in developing Ukraine’s solar, onshore wind, and energy storage projects. In the Eastern European nation, Fenix has under exclusivity a roughly 300-MW portfolio of early-stage solar, wind, and battery storage projects planned to become ready within the next 12 to 24 months.
According to Arise, its investment in the company will enable it to speed up the development of these projects and build a “sizable” pipeline in the coming years. Also, Arise’s CEO, Erik Eriksson, stressing the role of renewable energy in the war-stricken country’s recovery, added, “With excellent conditions for both wind and solar power, we view Ukraine as the last big, untapped market in Europe.”