Arise Windpower: Acquisition of Solberg wind farm

In an initial stage Arise intends to build 23 wind turbines with a total capacity of 85 MW. The initial investment is estimated at SEK 1.3 billion.

Arise Windpower is one of Sweden’s leading companies in onshore wind power. Its business concept is to sell electricity generated at the company’s own wind turbines.

The company’s target is to have about 700 MW (equivalent to about 300 wind turbines) in operation or under construction by 2014. Arise Windpower is listed on NASDAQ OMX Stockholm

As announced previously, Arise Windpower AB (publ) (“Arise”) has concluded a conditional agreement with Ownpower Projects AB (“OPP”) for the acquisition of a fully permitted project in Solberg to the west of Örnsköldsvik, comprising some 40 wind turbines.

As the conditions of the agreement have been met, Arise is now completing the acquisition.

Work on the detailed development plan for the proposed wind farm will now commence. A decision to invest will be made once electricity and certificate prices have recovered somewhat from today’s levels.

The construction time for the project is approximately 14 months, which means that the wind farm will go into operation towards end of 2014 provided that construction begins in summer 2013.

The acquisition of the project is in line with the company’s strategy to develop large wind farms in Norway and Sweden.