Supportive changes to Norwegian wind energy resource tax
Last night, the Norwegian Parliament agreed on an effective resource tax on wind energy of 25% versus the 35% previously proposed. At first glance, it seems the scheme will now be investment-neutral for new wind farms, which was a key pushback from the industry to the previous proposal. Among the renewable energy producers under our coverage, the new resource tax scheme will benefit Cloudberry and Bonheur. While some details are still unclear, we estimate it will increase the value of Cloudberry’s operational wind assets by ~NOK0.5/share or ~5% of its market cap. For Bonheur, we expect the lower resource tax to increase the value of the Lista wind farm by ~NOK1.2/share or ~0.6% of its market cap.Bonheur is a company domiciled in Norway. Co. has investments in several business activities, based upon its long term commitment to shipping, offshore drilling, floating production and renewable energy as well as to the travel and leisure time sector. Co. is primarily involved in Energy services, Renewable energy and Shipping. Investments are normally made in cooperation with the listed subsidiary Ganger Rolf ASA. Co.'s main investments include the following business segments: offshore drilling, floating production, renewable energy, cruise, other shipping, and other investments.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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