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Eolus agrees to sell 400-MW Norwegian wind project to Aquila

Wind farm in Norway. Author: John Christian Fjellestad. License: Creative Commons, Attribution 2.0 Generic

July 12 (Renewables Now) - Sweden’s Eolus Vind AB (STO:EOLU-B) has arranged the sale of the company that holds all the rights to the 400-MW Oyfjellet onshore wind project in Norway to German asset manager Aquila Capital.

The two parties entered into a share purchase agreement that covers the sale of the 100% stake for a preliminary price of EUR 30 million (USD 33.8m), the Swedish wind project developer said Friday. Pending fulfilment of several conditions, such as an approved detail plan, procurement of wind turbines, grid connection and balance of plant (BOP) agreements, the duo could close the transaction this autumn.

Eolus will build the wind farm for Aquila under a construction management agreement which is to be signed upon the close. The Swedish company estimates it will pocket around EUR 23 million in revenues for the construction management services.

The wind farm will be completed in the second half of 2021, according to current plans, after which Eolus will operate the park for Aquila for a period of 15 years.

The Oyfjellet wind farm will be located close to Mosjoen in the Norwegian Vefsn municipality. It has a 15-year power purchase agreement (PPA) in place with local aluminium supplier Alcoa Norway. Alcoa signed the PPA in March of 2018, securing the entire output of the farm to supply its production facility in the Mosjoen area.

(EUR 1.0 = USD 1.13)

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Sladjana is the newest addition to the Renewables Now team. She has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry.

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