Eolus and Hydro Rein have signed an agreement with MEAG regarding the sale of 75% of the shares in the 260 MW wind power project Stor-Skälsjön in Sweden at an enterprise value of EUR 361.4 million (100% basis).
Eolus is to sell all its shares amounting to 51% for a purchase price of EUR 18.4 million. Hydro Rein will sell 24% of the shares for a purchase price of EUR 8.7 million and will remain as co-owner of the project with a 25% interest.
The wind farm will comprise 42 Siemens Gamesa SG 6.6-170 wind turbines. Construction has started and commissioning is planned for autumn 2023.
Eolus and Hydro Rein will jointly construct the wind farm on behalf of the investors under a Construction Management Agreement (CMA). As part of the agreement, Eolus has also been entrusted to provide technical, operational and administrative services for the wind farm on a 15-year contract.
The transaction is subject to customary approvals from competition authorities and is expected to be completed later 2022.
Eolus was advised by Mannheimer Swartling in the transaction.