Eolus bankrolls planned expansion with USD 142m in financing

Nordic renewables developer Eolus Vind AB (STO:EOLU-B) announced on Thursday it has secured SEK 1.5 billion (USD 142m/EUR 140m) in financing in the form of credit facilities to back its planned expansion in the next four years.

The Sweden-based company said it has signed a credit deal with Swedbank for SEK 1.2 billion, including liquidity and construction facilities with a tenor of four years. In addition, it has increased an existing credit agreement with Svensk Exportkredit to SEK 300 million.

“The new credit agreements give us room for manoeuvre and financial capacity to realise projects with flexibility towards customers and partners which is especially important in an unpredictable time with both war and inflation,” commented Per Witalisson, CEO of Eolus.

Since its establishment in 1990, Eolus has installed 666 wind turbines totalling 1,414 MW and is currently also developing solar and energy storage projects. The company also provides asset management services for 914 MW and has contracts for a few hundred megawatts more that are yet to be completed.

(SEK 1 = USD 0.095/EUR 0.093)

Choose your newsletter by Renewables Now. Join for free!