Eidsiva Energi acquires 1/3 stake in Celtic Norse
Eidsiva Energi, a Norwegian energy company, has acquired a 1/3 stake in the Celtic Norse subsea cable system.
Previously owned by NTE, TrønderEnergi and Nordavind DC Sites AS, Eidsiva Energi has now taken over ownership of Nordavind acquiring with it, its stake in Celtic Norse.
“Eidsiva has now taken over ownership of Nordavind, while at the same time the subsea company has been given the capital it needed for the rest of its planning - more than NOK 3 million,” said Erling Aronsveen, CEO of Celtic Norse to Inside Telecom.
The 2000km subsea cable connecting Norway to Ireland is still on track to reach an investment decision by June/July of this year.
“We are making the decision to invest in the cable to Ireland during the summer of this year. It will not be completed in anyway before 2021, which is why we are spending a little more time on the business plan,” added Aronsveen.
The news follows the announcement made in October 2019 that Celtic Norse has partnered Vodafone Iceland to develop a branch in Iceland.
At the same time, it partnered with Scotland’s infrastructure body, the Scottish Futures Trust and Host in Scotland, to develop a branch unit to the country.
In addition, Celtic Norse selected Aquacomms as its operations partner for the venture.
“This summer's decision is important for the Vodafone Iceland and Scottish Futures Trust partners,” said Aronsveen.
“This cable provides an alternative route for data to the United States, from Oslo via "Eidsiva countries", Trøndelag and Ireland, where there are cables to connect to reach the east coast of the United States,” added Aronsveen.
Capacity spoke to Aronsveen for the October/November issue of Capacity Magazine, he spoke about the progress of the system and why 2020 will be a key year in the projects development.