RPC Secures 1.9 GW Renewable Projects in Sweden, Finland

Renewable Power Capital (RPC), a leading pan-European renewable energy investor, has significantly strengthened its presence in the Nordic market through the acquisition of Njordr AS's Swedish and Finnish solar and onshore wind development business.

The deal adds a substantial 1.9 GW pipeline of early-stage renewable energy projects to RPC's growing portfolio. It encompasses 22 development-stage onshore wind and solar projects across Sweden and Finland, though financial terms remain confidential. This strategic move follows RPC's recent entry into the Finnish solar market through a 1 GW co-development agreement with Aurinkokarhu Oy in March 2024.

Per Meijer, Senior Vice President of Development for Nordics at RPC, emphasised the strategic value of the acquisition, saying, "Njordr brings exceptional project origination capabilities and local market expertise that perfectly complement our expansion strategy in these high-growth renewable markets. The Nordic region's strong commitment to energy transition aligns with our long-term investment thesis."

For seller Vanir Green Industries (VGI), the parent company of Njordr AS, this marks the third successful divestment of renewable assets in under two years. Anders Hærland, Managing Partner at VGI and Njordr director, noted, "This transaction validates our early-mover strategy in Nordic renewables and demonstrates the value we've created through close collaboration with local stakeholders."

The deal occurs against a backdrop of robust activity in renewable energy mergers and acquisitions. Industry reports indicate 217 large-scale solar project transactions totalling 37.7 GW changed hands in 2024, reflecting continued strong investor appetite despite a slight decline from 2023's 45.4 GW across 231 deals.

This acquisition follows other notable recent transactions in the sector, including Masdar's purchase of the 234 MW Valle Solar Project in Iberia through its subsidiary Saeta Yield. RPC's latest move significantly expands its development pipeline in Scandinavia, where favourable policy environments and strong renewable energy targets continue to attract substantial investment.

The acquired projects will now enter RPC's development process, with the company expected to leverage Njordr's existing team and local knowledge to advance the portfolio toward construction. Industry observers anticipate this transaction will further consolidate RPC's position as a major player in Europe's renewable energy sector.