PARIS: La Francaise De L Energie (FDE), a carbon negative energy producer listed on Euronext, has agreed to acquire a controlling stake in Greenstat ASA, a leading green energy operator based in Norway, with a strong focus on hydrogen and solar activities.

The deal, worth up to €41.9 million, will allow FDE to expand its portfolio of low-carbon energy solutions, including green gas, green power, decarbonated H2 and Bio-CO2, and to benefit from Greenstat’s expertise and pipeline of projects in the fast-growing hydrogen and solar markets.

Greenstat, founded in 2015, has developed a diversified and attractive portfolio of renewable energy infrastructures, with c. 450 MW in gross capacity, mainly within hydrogen and solar.

The company is a leader in hydrogen production and has secured funding from Enova, a Norwegian government entity, to develop three maritime H2 projects with an electrolyzer capacity of 20 MW each. Greenstat also owns a 49% stake in a 45 MW solar plant and has a pipeline of over 50 MW solar projects to be developed throughout 2024.

The transaction comprises three equity tranches over a period of 18 months, subject to Greenstat reaching certain operational and financial milestones. The first tranche, to be completed by February 9th, 2024, will provide FDE with a 56.35% stake in Greenstat. The transaction will be financed by the Group’s available cash and is subject to final closing conditions and the approval of Greenstat shareholders at their upcoming general meeting.

The acquisition will create a leading European player in the production of low-carbon energy that will significantly contribute towards Europe’s goal of carbon neutrality by 2050.

Vegard Frihammer, CEO of Greenstat ASA, declares: “The development of a leading green energy production platform requires solid expertise, strong financial and operational capabilities, but also an agile approach. The FDE and Greenstat teams have this know-how and this common ambition to become a leading independent low carbon energy producer in Europe.”

Antoine Forcinal, CEO of FDE explains: “The acquisition of Greenstat is a logical step forward in the ongoing development of FDE in Europe and Norway in particular, as a key hydrogen producer and green energy player overall. I am delighted to welcome Vegard Frihammer and his entire team within the FDE group”.