Swedish wind power company Arise AB (STO:ARISE) said Wednesday it has agreed to sell the 7.2-MW Skogaby wind farm in Halland County, Sweden, to a fund managed by Allianz Global Investors.
Arise will receive a consideration of SEK 110 million (USD 13.1m/EUR 11.7m) on a cash and debt-free basis, and possibly an additional sum based on future production improvement measures. Moreover, some SEK 72 million of project financing debt has been repaid.
The seller expects this transaction to build on its 2015 earnings by between SEK 4.4 million and SEK 8 million, depending on whether the firm receives any additional consideration. The divestment will also beef up its cash position by at least SEK 43 million.
The parties have also signed an agreement that calls for Arise to operate the wind park on behalf of AllianzGI for a period of five years.