Arise’s Game-Changing Move: Revolutionizing Renewable Energy in Ukraine
In a bold and visionary move, Arise has recently acquired a 70% stake in Fenix, a trailblazer in the realm of solar, onshore wind, and storage projects across Norway and Ukraine. This strategic acquisition, valued at approximately NOK330,000 (€28,800), is more than just a financial transaction; it’s a significant step towards a sustainable energy future.
Fenix: A Beacon of Innovation and Expertise
Fenix, with its compact yet dynamic team of nine, including seasoned local management in both Ukraine and Norway, boasts an impressive track record in developing and constructing infrastructure projects. Their expertise is particularly notable in Ukrainian wind farm developments, a testament to their resilience and innovation even in pre-war times.
This team’s deep-rooted experience in the region has enabled Fenix to secure exclusive rights over an initial portfolio of about 300MW of early-stage solar, onshore wind, and storage projects. These projects are on a fast track to reach ready-to-build status within the next 12 to 24 months, heralding a new era of energy solutions.
Arise and Fenix: A Strategic Alliance
The partnership between Arise and Fenix goes beyond mere financial investment. It’s a synergy of visions and ambitions. Arise’s investment will catalyze Fenix’s greenfield development in Ukraine, aiming to secure a robust pipeline of projects in the foreseeable future. This collaboration aligns seamlessly with Arise’s strategic goal of diversifying its business across geographies and technologies.
Per-Erik Eriksson, Arise’s Chief Executive, encapsulates this sentiment: “We are thrilled to partner with Fenix Repower. Our investment signifies our belief in renewable energy as a cornerstone of Ukraine’s recovery and as a magnet for foreign investment. We see Ukraine as Europe’s last untapped energy market, ripe for wind and solar power development.”
Redefining Ukraine’s Energy Landscape
Ukraine’s energy mix, largely dominated by Soviet-era nuclear and thermal plants, is on the brink of transformation. Despite the challenges posed by the ongoing war, Eriksson is optimistic about identifying areas within Ukraine where development is feasible and risk-manageable.
Arise, backed by its owners’ extensive experience in Ukraine, is well-equipped to navigate this new market. The aim is not just to establish a strong market position but to contribute significantly to Ukraine’s energy transformation.
Expanding Horizons in Norway
Beyond Ukraine, Fenix’s team in Norway is set to intensify Arise’s greenfield development in the region. With several leads and early-stage projects underway, this expansion marks an exciting phase in Arise’s growth trajectory.
The strategic collaboration was facilitated by a team of expert advisors, including CMS Kluge and KPMG on Arise’s side, and GreenCap Partners, Thomessen, and Asters for Fenix.
In Conclusion: A Forward-Thinking Partnership
Arise’s acquisition of Fenix is not just a business move; it’s a commitment to fostering sustainable energy solutions in challenging environments. It’s about envisioning a future where renewable energy drives economic recovery and growth, particularly in regions like Ukraine, poised on the cusp of energy revolution. This partnership is a beacon of hope and a testament to the power of visionary collaboration in the face of adversity.
Credit: [Image: Arise]