Eolus and Hydro REIN enters a partnership for joint development and realization of a portfolio of nine Swedish wind power projects in early development phase. The projects with a potential installed capacity of up to 672 MW are located in SE3 and SE4. Within the frame of the partnership Hydro Rein acquires 50% of the 672 MW portfolio owned by Eolus.
Eolus and Hydro REIN have signed an agreement to enter a partnership targeting the joint development and realization of a 672 MW portfolio owned by Eolus in Sweden. Within the frame of the partnership Hydro REIN acquires 50% of the portfolio with a profit sharing mechanism between the parties when the projects reach construction stage. Eolus and Hydro REIN will jointly with an Eolus lead develop and establish the projects going forward.
The portfolio consists of nine projects located in SE3 and SE4 in Sweden which are in early development stage and are expected to be commissioned during 2027-2032 pending all required permits being obtained.
-There is a big need for new electricity production in SE3 and SE4 in Sweden. With this partnership with Hydro REIN we can help to contribute to increase the electricity production in a cost efficient manner from onshore wind in SE3 and SE4 says Per Witalisson, CEO of Eolus.
-We are pleased to yet again join forces with Hydro REIN in onshore wind projects in Sweden. At Eolus we look forward to develop the projects in the portfolio with Hydro REIN and be able to offer the market good investment opportunities says Marcus Landelin, COO of Eolus.
-Sweden is a global leader in decarbonization. We are very pleased to play a part in developing the Swedish wind power industry, together with Eolus and accelerate the Nordic energy transition says Olivier Girardot, head of Hydro REIN.
The transaction is subject to fulfillment of a number of conditions before closing which is expected to occur in January 2022.