Growth stories

The Big idea behind eNordic

  • 07 September 2020

  • Infrastructure

  • Norway

Reading time: 3 minutes

Eero Auranne and Simo Santavirta set out their plans to build a major sustainable energy business serving the Nordic region

Hamnefjell Wind Farm EN

The video captures Hamnefjell Wind Farm, Ardian Infrastructure’s first investment in the Nordics that occurred in 2016 prior to the start of construction. Ardian and Finnmark Kraft jointly own the 52 MW wind farm.
In 2019, Hamnefjell Wind Farm was selected as the best wind farm of the year by Norwegian Wind Industry association for achieving the highest production in the country.

What’s the big idea behind eNordic?

Eero Auranne: We’re aiming to build a major sustainable energy platform covering the Nordics from a combination of acquisitions and greenfield developments. Our strategy is to combine clean power generation across wind, biomass and combined heat and power with distribution and utility businesses. This will create synergies across the group from operating different types of assets together and allow us to go to market with a distinctive offering.   

Simo Santavirta: A lot of the existing Nordic energy players have legacy assets that are not clean. We have the opportunity to start from scratch with eNordic and build a sustainable energy business from day one. That immediately differentiates us in our market. 

Why are Ardian and eNordic in a strong position to do this?

SS: Obviously, Ardian has a major focus on sustainability and this project is very much in line with the company’s long-term aims. But building eNordic also plays to our strengths in other ways. Unlike other institutional investors we have a very industrial approach to infrastructure based on deep industry expertise, and we always reinforce that with well-connected local teams. In this case, eNordic’s relationships and industry knowledge have already enabled us to make rapid progress with our plans.
 

EA: Our wind farm in construction in Swedenis a good illustration. In February 2019 we acquired the Åndberg wind farm in Sweden, which is under construction and had no power purchase agreements in place. Within six months we had signed a ten-year PPA for a third of its output with Skellefteå Kraft, one of the biggest utility companies in Sweden. When it comes on stream in 2022, Åndberg will be one of the biggest wind farms in the region at 280MW – enough to heat around 150,000 homes.  
 

Over the next five years we intend to build and acquire a €3bn asset base across the Nordics. That will make us a major regional player in sustainable energy.

Eero Auranne, CEO, eNordic

What are your long-term ambitions for eNordic?

EA: We now have four wind farms, two in Sweden, one in Finland and one in Norway, and over the next five years, we intend to build and acquire a €3bn asset base across the Nordics. That will make us a major regional player in sustainable energy.