Norway's Aneo has made a EUR 163 million bid for the Swedish developer Arise.

Norwegian renewable energy firm Aneo Holding AS has offered SEK 1.8 billion (USD 189 million/EUR 163 million) in cash to acquire the Swedish renewables company Arise AB.

The proposal, submitted via Aneo BidCo 1 AB, includes a bid of SEK 45 per share, representing a 56.3% premium over Arise's closing share price on Wednesday.

Arise's independent bid committee has recommended that shareholders accept the offer. Major stakeholders, including Johan Claesson and AltoCumulus Asset Management, who together own 50.5%, have committed to accepting the bid.

Arise operates in Norway, Sweden, Finland, Germany, the UK, and Ukraine, managing over 2 GW of assets across their own and third-party portfolios, with a project pipeline of around 9.5 GW in wind, solar, and battery technologies.

Established in 2022, Aneo is jointly owned by TronderEnergi AS and HitecVision, and has a portfolio that includes wind and hydropower plants in Central Norway, three wind farms in Sweden, and one in Finland.

Aneo's CEO Gunnar Hovland highlighted the advantages of the merger: “Aneo and Arise are both key players in the Nordic energy transition. Bringing our strengths together will create a leading entity in renewable energy in the Nordics. For Arise, this offers access to long-term industrial capital and expertise to maximize their platform’s potential.

"For Aneo, it completes our value chain with robust commercial project development, third-party asset management, and a strong foothold in new markets. Together, we will achieve scale, geographic diversity, and the know-how to compete with the largest entities in the Nordic energy sector.”