AFRY has entered into an agreement to acquire Carelin Oy, a Finnish market leading provider for project management, energy, and asset care as well as site care services in the renewable energy market. The acquisition will complement AFRY’s offering in the renewables sector and enable full lifecycle services from project development to Owner’s Engineering as well as Operations and Maintenance services. It is a continuation of building up AFRY’s wind and solar power capabilities through strategic acquisitions in Europe over the past couple of years.
Carelin Oy operates in wind power, solar power and energy storage markets. The company is a market leader in the strong Finnish wind power market and is well positioned to benefit from the growing demand in the solar and energy storage markets through strong market presence. Established in 2017 with offices in Seinäjoki, Oulu, Tampere and Ylivieska in Finland, the company employs approximately 40 people and reported net sales of appr. EUR 5.4 million in 2023.
HLP acted as financial advisor to Carelin and its owners in the transaction.
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