January 17 (Renewables Now) - German renewables developer ABO Wind AG has offloaded a portfolio of eight French wind projects totalling 116.5 MW to Czech utility CEZ AS (WSE:CEZ).
The portfolio includes projects at different planning stages, ABO Wind said on Wednesday without providing specific financial details on the deal. It noted, however, it has secured remuneration, through market premiums, in accordance with the tariff system valid until 2016 of around EUR 80 (USD 91m) per MWh over 15 years.
In addition to the purchase price, the seller will also get milestone payments as the projects progress. It has agreed to hook the plants to the power grid in the next few years and oversee their operational management following completion.
The deal with CEZ follows an earlier transaction in 2017 when ABO Wind sold 101.8 MW of wind projects in France to the Czech utility.
ABO Wind’s chairman of the managing board, Andreas Hollinger, explained that France is the company’s second major market after Germany. It has switched on around 300 MW of wind parks in France and is working on wind and solar schemes totalling 900 MW.
(EUR 1.0 = USD 1.137)