The wind energy project covers up to 45 wind turbines with a maximum total capacity of around 130 MW.
Arise Windpower AB (publ) (“Arise”) has concluded a conditional agreement with Havgul clean energy AS (“Havgul”) for the acquisition of a project in Aremark municipality, Norway that is currently in the permitting process. Start of construction can be done at the earliest in 2014.
The agreement is in line with the company’s strategy of diversification by developing major wind farms in Norway and Sweden, independently and in partnership with other long-term investors.
Havgul, which is headquartered in Oslo, is a Norwegian developer of large wind projects in Norway, Sweden and the United States.
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 1,000 MW of onshore wind power constructed and under management by 2017, of which 500 MW will remain in the ownership of the company. Arise Windpower is listed on NASDAQ OMX Stockholm.