Through its operatorship of wind farm Ånstadblåheia in Northern Norway's Bø municipality, domestic utility Nordkraft already has local presence. The power company, owned by Finnish Fortum, has submitted a purchase bid for local generator Vesterålskraft.

Several companies have already made their interest in buying Vesterålskraft known, however, just before this summer the company's owners opted to postpone the sales decision.

Nordkraft, which has developed, generated and distributed renewable energy since 1910, initially in the form of hydroelectric, eyes opportunity in becoming a strong player in the region's green energy transition and business development. A potential acquisition could open options for expanding specialist competencies, innovation and technological development, the company writes in a statement.

"A larger corporate structure would provide opportunities for synergies and improved ability to generate investment returns. We also want to be strategically positioned for further structure discussions in the region and Northern Norway as the region becomes increasingly integrated. This will, not least, create a robust company able to accommodate future requirements, both from public authorities and customers," says Nordkraft Chief Executive Eirik Frantzen in the statement.

An acquisition would also provide employees in both companies with the opportunity to form a larger professional environment, Nordkraft deems.

"Decentralization will still apply in a larger company, and jobs will remain. For us, it's important to retain skill where needed. Local familiarity is essential to operating well," Frantzen adds.

In October after several years of consideration, Nordkraft decided to merge with power company Hålogaland.

Nordkraft hit hard by tough 2020

Fortum weighed down by Uniper's fossil energy