Eolus has sold the wind power projects Skallberget/Utterberget, Tjärnäs and Rosenskog, totalling 125 MW, to BKW. The projects are under construction and commercial operation is planned for the fourth quarter 2023.
The transaction covers all the shares in the project companies at an enterprise value of EUR 189.3 million and a share purchase price of EUR 18.9 million. Eolus will manage the construction of the wind farms under a Construction Management Agreement (CMA) on behalf of BKW. Revenues under the CMA is estimated to approximately EUR 29.5 million and will be accounted for over the course of the remaining construction period in accordance with the percentage of completion method. At the end of Q2, the degree of completion is estimated to be around 75 percent for the Rosenskog project and around 55 percent for the Skallberget/Utterberget and Tjärnäs projects.
Eolus has also been entrusted to provide technical, operational, and administrative services for the wind farms on a long-term contract.
Signing and closing of the transaction has taken place today, 26 June.
The three projects are located in price area SE3 in Southern Sweden, where there is a strong need for new electricity production to secure access to renewable energy at reasonable prices for private individuals and businesses. A major global energy company will purchase all the electricity from the wind farms under a Power Purchase Agreement.
“There is a strong interest in investing in renewable energy, and we are excited to welcoming BKW as a partner when they do their first investment in Sweden. With over 100 years in the energy sector, BKW is a significant player in the European energy sector, and we look forward to our cooperation”, says Per Witalisson, CEO of Eolus.
“This transaction once again demonstrates Eolus’ ability to provide attractive projects and investment opportunities to the market. We continue to see strong market activity and are delighted to team up with BKW for these projects”, says Christer Baden Hansen, Chief Commercial Officer of Eolus.
“We are delighted with the acquisition of newly built wind parks with state-of-the-art technology from an experienced developer like Eolus. With this investment we remain on track with our contribution to a decarbonized future based on sustainable energy infrastructure and we strengthen our presence in the attractive Scandinavian market with further assets and services,” says Margarita Aleksieva, Head of Wind and Solar at BKW.
Eolus is one of the leading developers of renewable energy in the Nordics and we are active in the whole value chain from development of green field projects to construction and operation of renewable projects. We offer attractive and competitive investments in the Nordic and Baltic countries, Poland and the United States. Founded in 1990, Eolus has constructed 738 wind turbines with a capacity of 1,814 MW. Eolus has signed contracts for 1,150 MW of asset management services of which 825 MW are in operation.
Eolus’ Class B share is traded on Nasdaq Stockholm Mid Cap. For further information, please visit www.eolusvind.com