Eviny is paying BlackRock $588.64 million for two operating wind farms on Norway's west coast. One sells its power to an aluminium smelter. The other sells to Google. The farms sit in different price areas, were built four years apart, and their contracts do not end at the same time. What Eviny is buying is less a portfolio than two separate bets that happen to share a cheque.
Key takeaways
- Eviny announced on 16 January 2024 that it had agreed to acquire the Guleslettene and Tellenes onshore wind farms in Norway from BlackRock at an enterprise value of $588.64 million.
- The Guleslettene and Tellenes wind farms have a combined capacity of 365 MW, which puts Eviny's purchase from BlackRock at about $1.61 million per MW.
- Guleslettene, a 197 MW wind farm in price area NO3 that began operating in 2021, sells power to Alcoa Norway under a 15-year PPA backed by a guarantee from the Norwegian Export Credit Guarantee Agency (GIEK).
- Tellenes, a 168 MW wind farm in Rogaland in price area NO2 that began operating in 2017, sells power to Google under a 12-year PPA.
- Eviny expects the acquisition of Guleslettene and Tellenes to lift its renewable generation by nearly 20 percent, from 7.7 TWh to 9 TWh a year.
What exactly is Eviny buying from BlackRock?
Eviny is buying two finished, producing wind farms with long-term buyers already attached. Together they produce about 1,220 GWh a year, enough for roughly 75,000 households.
Guleslettene is the larger and newer of the two. It has 47 turbines in the municipalities of Bremanger and Kinn and produces about 700 GWh a year. Tellenes has 50 turbines in the Rogaland municipalities of Lund and Sokndal and produces about 520 GWh a year. On a weighted average basis the assets have been running for 4.84 years.
Both farms came to BlackRock through the same developer. BlackRock bought Tellenes from Zephyr and Norsk Vind Energi in 2016, and Guleslettene from Zephyr in 2018, when the project was still ready-to-build. At that point BlackRock expected to invest $232 million in total to build Guleslettene, including long-term debt from DekaBank. Eviny now takes both off BlackRock's hands at a stage when the build risk BlackRock carried has been fully retired.
Why do two contracts matter more than 365 megawatts?
Because most of the value in an operating wind farm is the revenue it can already count on. A power purchase agreement, or PPA, is a long-term contract under which a buyer agrees to take a project's output at agreed terms. In a market where wholesale prices move with rainfall and wind, the contract is what turns a turbine into a predictable cash flow.
Eviny is buying two such contracts with very different counterparties. Guleslettene's buyer is Alcoa Norway, an industrial user whose demand runs around the clock. The PPA carries a guarantee from GIEK, the Norwegian state export credit agency, which steps in if the buyer cannot pay. That makes the credit risk on Guleslettene's contract partly a state risk. Tellenes sells to Google, a corporate buyer with no such guarantee but with one of the strongest balance sheets in the market.
The two contracts also differ in length. Guleslettene's runs 15 years and Tellenes' 12 years. Across the portfolio the weighted average remaining contracted period is 8.77 years. That is the number that sets the shape of the deal. For a little under nine years, on average, Eviny holds contracted revenue. After that, the farms sell into the open market or onto new contracts that have not yet been written.
How do two price areas change the risk?
Norway's power market is split into price areas, zones that settle at different wholesale prices when the grid between them is congested. Guleslettene sits in NO3, in central Norway. Tellenes sits in NO2, in the south west. The two can move independently.
That matters most after the contracts end. A buyer of a single farm takes the price of one zone. Eviny, by owning one farm in each, takes a blend of two. It also means the remaining value of the portfolio after the PPAs roll off is harder to model than either farm alone, because it depends on how prices in NO2 and NO3 relate to each other years from now.
The PPAs themselves are three years apart in length, and Leap does not record their start dates. Whatever the exact timing, the contracts will not expire together. Eviny will face the re-contracting question twice, once for each farm, with a different buyer and a different price area in each case.
Enerdatics' data shows that across 35 Norwegian wind transactions recorded in Leap from 2022 to 2025, only five asset deals carry a value that converts cleanly to a price per MW, and all five land between $1.54 million and $1.67 million per MW. Hafslund's purchase of the 208 MW Tonstad wind park from SUSI Partners in May 2024, at $333 million, works out at $1.60 million per MW. Cloudberry's $31 million for 80 percent of the 25.2 MW Svaheia farm in December 2024 grosses up to about $1.54 million per MW, and Dalane Energi's resale of the same stake in May 2025 to about $1.55 million. Sunnhordland Kraftlag's $31.64 million for 19 MW in December 2025 prices at about $1.67 million. Eviny's $1.61 million sits almost exactly in the middle of that band, and is the largest of the five by a distance.
What does the deal signal for Norwegian wind?
It signals that operating Norwegian wind trades in a narrow band, and that contract quality is not obviously moving the price. Eviny paid about what Hafslund paid for Tonstad four months later. Yet Eviny's portfolio carries a state-guaranteed industrial PPA and a Google contract, with a weighted average of almost nine years still to run. If buyers were paying a large premium for contracted revenue, it does not show up in the per MW number.
It also signals who the natural buyers are. BlackRock is a financial owner that took development and construction risk and is now exiting at the operating stage. Eviny is a regional utility using the deal to grow its own production and expertise through its New Energy and Industrial Partnerships business area. That handover from fund to utility is a familiar pattern in the Nordic market, as seen when BKW bought Swedish wind farms from Eolus. Elsewhere in Europe, utilities have gone further and bought back onshore wind stakes they had previously sold, as when EDP reclaimed China Three Gorges' wind stakes.
The open question is what happens after the contracts. Eviny is paying a market price for assets whose contracted life is shorter than their physical life. The difference between the two will be settled in NO2 and NO3 wholesale prices that no one can fix today. The sale was subject to approval by Norway's competition authorities and was expected to complete by the end of the first quarter of 2024.
Frequently asked questions
How much did Eviny pay for the Guleslettene and Tellenes wind farms? Eviny agreed to acquire both wind farms from BlackRock at an enterprise value of $588.64 million, about $1.61 million per MW across 365 MW.
Who buys the power from Guleslettene and Tellenes? Guleslettene sells to Alcoa Norway under a 15-year PPA guaranteed by GIEK. Tellenes sells to Google under a 12-year PPA.
Who advised on the Eviny and BlackRock wind deal? EY was financial advisor and Thommessen legal advisor to Eviny, with Sweco as technical advisor. Augusta & Co advised BlackRock.
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