Å energi becomes majority owner of Fredrikstad Energi

19/11/2024, 13:28

Photo: Fredrikstad Energi

The city council in Fredrikstad has approved the sale of the municipality's 51% stake in Fredrikstad Energi (FEAS) to Å Energi. Through this NOK 1.1 billion transaction, Å Energi gains a strategic position in developing Norway's power grid infrastructure.

Hilde Wexels Riser

FEAS’s ownership in major grid companies Norgesnett and Nettpartner gives Å Energi opportunities to bolster grid capacity and develop new energy solutions across an expanded geographic area.

“This is an important milestone for Å Energi. By acquiring the majority stake in FEAS, we can take a leading role in developing the FEAS companies and facilitating the energy transition, industrial growth and new jobs in the region,” said Å Energi CEO Steffen Syvertsen.

The Norwegian Competition Authority has already cleared the deal, which is expected to be finalized by year-end after receiving city council approval last week.

The acquisition marks a key step in Å Energi’s ambition to become the Nordics’ most future-oriented renewable energy group, establishing a presence in a new geographic market and strengthening its position in the Nordic power market.

About Fredrikstad Energi:

Based in Fredrikstad, FEAS is an energy company employing around 60 people locally. It operates the power grid across several municipalities and has a 60% stake in Nettpartner, one of Norway’s largest electrical infrastructure contractors.

About Å Energi:

Å Energi is Norway’s largest renewable energy group active across the entire value chain from power production to end customers. Its main mission is increasing affordable clean energy supply, ensuring efficient power distribution through grids, and developing new energy services across the Nordics.