Eqva subsidiary sells hydropower project to UK infrastructure fund

23 Dec 2022 11:17 CET

Fosnavåg, 23 December 2022 - Fossberg Kraft, a subsidiary of Eqva ASA (OSE:
EQVA), has entered into an agreement to develop and sell the Skjeggfoss
hydropower plant in Drangedal in southern Norway to a UK based infrastructure
investor. Fossberg Kraft will continue to operate the plant on behalf of the new
owner. The value of the project is approximately NOK 45 million.

Production capacity of the plant is 5,6 GWh per year. The development project is
approved by relevant authorities, and construction will start in early 2023. The
project will be handed over to the new owner upon completion towards the end of
2023 or early 2024. It will provide for good utilisation of Fossberg Kraft’s
capacity and expertise and is expected to generate profits above Eqva’s target
levels.

“The agreement proves Fossberg Kraft’s ability to identify, acquire, develop,
and sell hydropower projects of this kind. We have over time developed a close
partnership with the buyer, and we are pleased to see that we again have been
able to present an attractive investment opportunity for investors in renewable
power production,” said Tom Jensen, managing director of Fossberg Kraft.

Fossberg Kraft recently completed the sale of the Lauvstad hydropower plant
(yearly production capacity also abt. 5,6 GWh/year) to the same buyer.

Fossberg Kraft specialises in development and operation of small-scale
hydropower plants in Norway. The company is part of Eqva’s Products, Solutions &
Renewables segment. It has 2 hydropower plants under construction and it
operates 6 plants on behalf of other owners.

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