Q3 2024: Swiss Life Asset Managers becomes new joint venture partner in North Ammonia
Swiss Life Asset Managers (Swiss Life AM) and Arendals Fossekompani (AFK) have today announced the closing of a transaction where Swiss Life AM acquires on behalf of several private market infrastructure funds 100% of Vergia AS from AFK. Vergia AS is a 50% owner of North Ammonia AS with Grieg Edge (part of the Grieg Maritime Group) owning the other 50%.
North Ammonia is a developer of green ammonia production facilities in Norway with a strong focus on delivery of green fuels to the maritime industry.
“The entry of Swiss Life AM is an exciting development for North Ammonia and a strong verification of our achievements so far and our strategic direction going forward. To realize large scale green ammonia projects, we rely on long term capital partners like Swiss Life AM, and we look forward to develop our project portfolio further together with our strong shareholders”, says CEO Mikkel Tørud.
North Ammonia recently received grid connection reservation for 171 MW, signed land lease agreement and initiated a pre-feed study for our first green ammonia project in Arendal, in the southern part of Norway.
About Swiss Life Asset Managers Infrastructure Equity
Established in 2011, the Swiss Life Asset Managers Infrastructure Equity platform manages over EUR 10bn in Assets under Management for its clients and partners. The team consists of 65 investment specialists with an average of 20 years industry experience across the senior level members. The platform has made 75 infrastructure investments in private markets, across 15 solutions, in both direct and indirect opportunities across the energy, communications, transportation, regulated utilities, social infrastructure and renewable energy sectors.
www.swisslife-am.com
About Grieg Edge / Grieg Maritime Group
Grieg Edge, a business development company within Grieg Maritime Group, develops green projects with industry partners and invests in ocean ventures to solve the maritime industry’s sustainability challenges. The Grieg Maritime Group builds on 140 years of experience through our parent company, the Grieg Group, and has over a thousand people working on land and at sea worldwide. We deliver maritime solutions that stand the test of time and create a better future for everyone.
www.griegedge.com / www.griegmaritime.com