Clemens Kraftverk acquires Fjærland Kraft AS from Sognekraft and enters into a long term co-operation on operations and management of SSHPPs

Clemens Kraftverk AS, a company in the Clemens Kraft Group of companies, has signed an agreement with Sognekraft AS to acquire 6 small scale hydro power plants in Fjærlandsfjorden in the municipality of Sogndal. Total normal production from these plants is 125 GWh. This compares to the power consumption by more than 6000 homes. The power plants will be taken over with effective date December 31st, 2018.

At the same time, the parties have entered into a long term agreement on operations of hydropower plants in the region, whereby Sognekraft is going to operate these 6 SSHPPs.

  • We are very happy with this agreement, and the long term co-operation agreement with Sognekraft, CEO Børge Edvardsen Klingan of Clemens Kraft says . – Sognekraft and Clemens Kraft are both leading players in the industry, and the new agreement means an important industrial co-operation between the two companies –

After this acquisition, Clemens Kraft has an annual production of approximately 450 GWh from 35 power plants in operation. In addition, the company has 10 power plants under construction, and a number of projects due for further steps towards construction commencement.

Clemens Kraft has as an industrial target to produce minimum 600 GWh within the end of 2021. The company is a subsidiary of Opplysningsvesenets fond (Ovf), that owns 50.1% of the company. The Swiss CPV/CAP Pensionskasse Coop owns the remaining 49.9 % of the stock. Clemens Kraft has its main office in Oslo and is today among the largest owners and developers of SSHPPs in Norway.

  • I am very happy about this agreement with Clemens Kraft, where we in Sognekraft will operate the 6 power plants. We are looking forward to a long-term relationship with Clemens Kraft, including development and operation of power plants in the region, says Terje Bakke Nævdal, CEO of Sognekraft –

Sognekraft has its main operations within production, distribution and sale of power. Sognekraft has concession rights for the power grids in several municipalities in Indre Sogn. The company owns and operates hydro power plants with an annual production of 730 GWh, and markets approximately 700 GWh to end consumers. By the end of 2018, the Sognekraft Group has a staff of 113 persons. Sognekraft has an ambition to grow within production of renewable energy and will be working on several large development projects in the region for the years to come.

Contacts:

Clemens Kraft
Børge Edvardsen Klingan, CEO
borge.edvardsen.klingan@clemenskraft.no
Phone +47 916 39 906

Sognekraft
Terje Bakke Nævdal, CEO
terje.naevdal@sognekraft.no
Phone +47 911 81 056