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Eolus announces sale of 232 MW wind power to Aquila Capital

Power News - Published on Wed, 27 Dec 2017

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Eolus has signed an agreement with Aquila Capital regarding the sale of the wind farms Kråktorpet and Nylandsbergen comprising 61 wind turbines with a combined installed capacity of 232 MW. The preliminary purchase price for the wind farms amounts to EUR 264 million. The transaction covers the sale of all the shares in the respective project companies that holds the project rights for the wind farms. Eolus will construct both wind farms and for wind farm Kråktorpet comprising 43 turbines with a capacity of 163.4 MW Aquila will provide construction financing. The preliminary purchase price for wind farm Kråktorpet amounts to EUR 182 million. Wind farm Nylandsbergen comprising 18 turbines with a capacity of 68.4 MW will be paid in full upon completion and take over. The preliminary purchase price for wind farm Nylandsbergen amounts to EUR 82 million. Both wind farms will be commissioned during 2019.

As part of the agreement Eolus has been entrusted to provide technical, operational and administrative services for seven years for both the wind farms to maximize outcome and production from the facilities. The wind farms are located close to wind farm Jenåsen that is currently under construction by Eolus in Sundsvall municipality.

Mr Per Witalisson CEO of Eolus said that “I´m very happy to announce this agreement. Aquila Capital is making major investments in Swedish wind power and the fact that they have chosen Eolus to further extend their portfolio with 232 MW is very pleasing. This is the largest single order for Eolus to date and shows our capacity to provide competitive investments.”

Mr Marcus Landelin Eolus deputy CEO and COO said that Aquila is a very respected investor and we are glad that we can continue to develop a close relationship with them through this investment. We value the trust that has been placed with Eolus not only with constructing the wind farms but also in our asset management services.

Revenues from the sale of project rights for wind farm Kråktorpet will be recorded in the second quarter of Eolus financial year 2017/2018. Revenues from sale of project rights for wind farm Nylandsbergen and from the construction of the two wind farms will be recorded when construction has been completed and the wind farms have been taken over by Aquila, expected during second half of 2019.

The transaction is subject to fulfillment of a number of conditions before closing.

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Posted By : Nanda Koijam on Wed, 27 Dec 2017
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