Arise Windpower, Platina Partners buy Swedish wind farm for EUR 27.4m

Oct 6, 2011 - Swedish Arise Windpower AB (STO:AWP) and UK private equity funds manager Platina Partners LLC will acquire Swedish wind farm developer Jadraas Vindkraft AB for SEK 250 million (USD 36.6m/EUR 27.4m).

The two companies will hold equal parts in Jadraas Vindkraft, which has permits to erect 66 wind turbines with a combined capacity of around 200 MW in Jadraas, west of the Swedish city of Gavle, Arise said today.

Arise will fund its portion of the purchase through a combination of cash and 2.5 million shares allocated to Onpower, which, together with Bergviks Skog, owns 50% in Jadraas Vindkraft.

The new owners will invest a total of SEK 3.1 billion in the project, including the purchase and installation of the 66 wind turbines.

Arise and Platina ordered the first 43 turbines, with a total capacity of 129 MW, at Danish Vestas Wind Systems A/S (CPH:VWS). The parties signed a conditional contract for an additional 69 MW.

The Jadraas plant is due to start operations in the spring of 2013, set to be among the largest onshore farms in North Europe with an annual output of 570 GWh. By that time, Arise's overall annual production is seen to have grown to some 650 GWh, according to CEO Peter Nygren.

(SEK 1.0 = USD 0.146/EUR 0.109)

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