Aquila completes acquisition of 400-MW Norwegian wind project

Hamburg-based investor Aquila Capital on Friday said it had completed the acquisition of the company that holds all the rights to the 400-MW Oyfjellet onshore wind project in Norway from Swedish wind project developer Eolus Vind AB (STO:EOLU-B).

A conditional agreement for the purchase was announced on July 12 and after all conditions have been met, Aquila now owns 100% of Oyfjellet Wind AS.

Eolus will build the wind farm, to be located near Mosjoen in Vefsn municipality in Norway, for Aquila under a construction management agreement the two companies have signed. The wind farm is expected to be completed in the autumn of 2021. Eolus will also provide technical, operational and administrative services for the farm for a period of 15 years. The total preliminary revenue for Eolus is estimated at EUR 441 million (USD 485m).

According to the agreement signed in July, Aquila is paying a preliminary price of EUR 30 million. Final purchase prices will be determined once the wind farm is completed. Aquila is financing the construction in full.

The transaction still needs to meet certain conditions regarding the environmental, transportation, and construction (MTA) plan granted by the Norwegian Water Resources and Energy Directorate (NVE) on December 18 coming into force and an inked turbine supply agreement at a later date.

(EUR 1.0 = USD 1.100)

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