Nordic private asset expert CapMan announced that CapMan Infra will be investing in Skarta Energy, a joint venture to be established with SkartaNYAB Plc, its parent company. Once the transaction is completed by the end of 2022, CapMan Infra will own 60% of the joint venture Skarta Energy.
The focus of the joint venture will be to develop renewable energy projects, especially in Finland. The company will also concentrate on becoming an independent power producer.
Established in 2021, Skarta Energy has a strong pipeline of mainly solar energy projects. The combined project pipeline capacity is over 1.0 GW in various phases. At present, the company is developing its first utility scale solar project in Utajärvi, where towards the end of 2023 the construction for phase 1 will begin. The aim is to develop and operate 500 MW of capacity in the next five years. This will be equivalent to the power consumption of over 20,000 households.
Partner at CapMan Infra Harri Halonen 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. 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."
Echoing similar sentiments, CEO of SkartaNYAB Plc Johan Larsson 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 to build and grow successful infrastructure businesses. Skarta Energy will be a significant player to improve energy self-sufficiency in Finland."