Today, climate change investment firm AVG Group Sarl (AVG) announced it has invested $2M into Norhybrid, a Norwegian producer of modular wind turbines capable of complementing existing solar infrastructure or a replacement solution.
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Accordingly, AVG’s investment will be supported by SIVA, a division of the Norwegian Government. Therefore, this organization will contribute an additional $1M in grants to Norhybrid.
About Norhybrid and AVG Group’s presence in the NA Market
Indeed, Norhybrid was founded by Ole Vidar Homleid, who has over 25 years of renewable energy experience in Norway. Moreover, Mr. Homleid has been a trusted consultant with the Norwegian Government to build scalable Wind Farms, Offshore Wind Development, Waste to Energy systems, and other sustainable municipal initiatives.
Therefore, it is no surprise that Norhybrid has existing power-producing wind parks in Poland and Estonia. A part of its expansion plans, the company is also currently looking towards opportunities in the North American renewable energy market with AVG.
Similarly, AVG is active in the Nordic growth equity market. In fact, the company already made two previous investments into two successful Solar EPC companies.
Accordingly, CEO Karl Andersen commented; “An investment into Norhybrid will complement our existing portfolio of assets. Besides, it will provide an opportunity to bring modular wind technology to the mass markets.”
US Based Feeder Fund
In fact, AVG has established a US Based Feeder Fund called the ‘Nordic ESG and Impact Fund LLC.’ Therefore, this fund primarily serves to accommodate North American investors in a tax-efficient structure.
As a part of this fund strategy, AVG has entered into a strategic relationship with Silver Leaf Partners LLC, a US-based registered broker-dealer. Worth noting, Silver Leaf has been growing its ESG and Impact practice in the United States and North America. Particularly, the firm sees a strategic value in working with AVG.
Thus, Michael Scanlon, a senior advisor to the firm, said; “Silver Leaf Partners is pleased to be consulting and advising AVG. Particularly, in the growing of their assets under management in North America.”