Arise agrees sale of 37-MW Swedish wind project to BlackRock

Wind farm in Sweden. Author: Jämtkraft. License: Creative Commons, Attribution 2.0 Generic.

September 25 (Renewables Now) - Swedish wind farm developer Arise AB (STO:ARISE) said on Monday it has purchased a 37-MW wind project in Sweden and announced plans to subsequently sell it to a fund managed by BlackRock Inc (NYSE:BLK).

Arise has acquired the Enviksberget wind project from compatriot Dala Vind AB for an undisclosed sum. The former was in charge of the project’s final development, design and procurement and also sourced investment for the site. Following an agreement with asset manager BlackRock, it will take care of the wind farm’s construction and will also manage the plant when completed.

The wind park will use Siemens hardware, with construction slated to begin this month. Commissioning of the nine Siemens SW142 4.1 MW turbines is anticipated for late 2019.

Arise said it expects the sale to add around SEK 40 million (USD 4.5m/EUR 3.9m) to its earnings in 2018 and 2019. This will be its third wind deal with BlackRock, which has investments in over 600 MW of wind assets in Sweden and Norway.

(SEK 1.0 = USD 0.114/EUR 0.097)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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