Eolus, Hydro REIN close sale of majority in 260-MW wind project

Eolus Vind AB (STO:EOLU-B) and Hydro REIN have formally transferred a combined interest of 75% in the 260-MW Stor-Skälsjön wind project in Sweden to MEAG.

In April, Eolus and Hydro REIN agreed to sell respective stakes of 51% and 24% in the project company at an enterprise value of EUR 361.4 million (USD 378m). Following the transaction, Hydro REIN will continue to own 25% of the asset.

On Tuesday, Swedish project developer Eolus said that all remaining terms for closure of the sale have been met. It expects to receive a consideration of EUR 18 million for its own portion of the transaction.

Eolus and Hydro REIN jointly handle the installation of the plant and will split EUR 42 million in income from the construction management deal on a 51/49 basis. The former will also provide asset management services for a period of 15 years.

The Stor-Skälsjön wind farm is planned to become operational in the autumn of 2023. In May, it was announced that Norwegian telecom infrastructure provider Telenor Infra AS will be buying 330 GWh of power annually for 10 years from the 42-turbine facility.

(EUR 1.0 = USD 1.046)

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